PNC to raise minimum wage to $18 an hour (yes, $18 an hour) in November

How’s this for a holiday bonus?

PNC Bank announced Monday that it will raise its minimum pay rate from $15 to $18 per hour, beginning Nov. 22 — the week of Thanksgiving.

This represents a 20% increase from the bank’s current $15 minimum rate and is 50% higher than New Jersey’s minimum wage of $12.

PNC, which has 246 retail banking locations in the state, employs more than 20,000 here.

Company officials said the decision to proactively boost its pay rate is intended to enhance employees’ financial wellness, help PNC attract and retain the best talent and, ultimately, to strengthen the bank’s competitive position in the marketplace.

“Our employees are our most precious resource, and, by investing in them, we invest in our future,” Chief Human Resources Officer Vicki Henn said. “PNC’s success is dependent on the well-being of our employees, so it’s critical that we continue to offer a total rewards package that includes competitive benefits and pay, reflecting our long-term commitment to their well-being.”

PNC’s minimum pay rate increase further positions the company among the most competitive employers in the country. Upon the conversion of Alabama-based BBVA, PNC will be the fifth-largest U.S. bank, with more than $554 billion in assets and a presence in 48 of the largest U.S. markets.

PNC Chair William Demchak said the move will impact the bottom line of everyone, not just the company.

“This increase allows us to make a positive difference, leveraging the power of our resources to help all move forward financially,” he said. “Attracting and retaining highly-engaged employees is critical to our continued growth and, in turn, creates a fantastic experience for our customers and the communities we serve.”