Provident Bank, an Iselin-based financial institution, announced Wednesday new wage and benefit enhancements for the entire company.
Provident said it is implementing the new benefits to assist employees and make the bank more competitive.
In response to the student loan crisis, the bank said it is implementing a benefit called the Student Loan Paydown Program. This will assist its employees who have student loan debt, it said.
“We are keenly aware of the challenges many of our employees face with student loan debt. The Student Loan Paydown Program will help to alleviate the concerns many of our employees have with re-paying their student loans,” said Janet Krasowski, executive vice president, chief human resources officer.
Also, beginning July 1, eligible Provident Bank hourly employees who earn less than $15 an hour will see their wages increase to $15. The bank said all new hourly employees will receive a wage of at least $15 per hour.
The bank said it is also expanding its current tuition reimbursement program to include Master’s Degree business programs.
“These enhancements reflect our ongoing commitment to our employees. We value their hard work and dedication, and believe by raising our hourly wage and providing additional benefits, we are investing in the future of the organization,” said Chris Martin, chairman, CEO and president, Provident Bank.
“Our success rests in retaining and hiring employees who have the greatest potential to exceed expectations, while developing and rewarding them appropriately so they may reach their individual potential,” Krasowski said.