PITTSBURGH (KDKA) — PNC Financial Services Group announced today it would be investing in its employee with cash, retirement fund cash and an increase in minimum pay following today’s signing of the tax reform bill.
The company said it will provide an additional $1000 cash payment to 47,500 employees and $1,500 to their existing pension accounts.
The cash payment to 47,500 employees was estimated to reach 90% of PNC employees. It is set for all employees below an unspecified compensation band.
PNC Financial Services said they will raise the minimum pay rate to $15-an-hour by the end of 2018.
A $200-million-dollar contribution to the PNC Foundation was also announced. It supports early childhood education through PNC’s Grow Up Great initiative.
“The tax reform law creates an opportunity to reward our employees who are working hard each day to serve our customers, build strong relationships in our communities and create long-term value for our shareholders,” said William S. Demchak, PNC’s chairman, president and chief executive officer.