(RTTNews) – Wells Fargo & Co. (WFC) announced that it will Raise the minimum hourly pay rate for its team members to $15 per hour. The new rate is an 11 percent increase to the current minimum hourly rate of $13.50 that the company announced in January 2017.
The company stated that the increased minimum hourly pay rate of $15 for U.S.-based team members goes into effect in March 2018.
The company plans $400 million in donations to community and nonprofit organizations in 2018. This is an increase of approximately 40 percent from 2017.
The company also announced that beginning in 2019, it will target 2 percent of its after-tax profits for corporate philanthropy.
As part of this expanded philanthropy, targeting $100 million in capital and other resources over the next three years to support the growth of diverse small businesses and $75 million in 2018 to its NeighborhoodLIFT program, an innovative public-private collaboration focused on sustainable homeownership and neighborhood revitalization.
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