Associated Bank Thursday announced plans to raise its minimum hourly wage from $10 to $15 per hour and to distribute a one-time bonus of $500 for all hourly, non-commissioned employees once tax reform legislation is signed into law.
The pay increase and one-time bonus are expected to be distributed during the first pay cycle of 2018. This combined investment in the company's workforce will positively impact 55% of its employees.
"Every day our customers share stories of our colleagues delivering a positive customer experience," said Associated Bank President and CEO, Philip B. Flynn. "Our ability to recognize their work in this way is something we are proud to do."
Flynn said the new tax legislation, particularly the reduction in business tax rates, allowed the company to share some of the benefits with its employees. It also helps position the company to further enhance the customer experience and its community investments in the future.
In 2018, Associated Bank plans to enhance its online and mobile banking platforms to improve the customer experience. In addition, the company is targeting approximately $3.5 million in social investments, or grants, for charitable purposes, with the majority supporting low- to moderate-income communities. It also aims to lend expertise and financial support to promote affordable housing, provide small-business lending and advance neighborhood development.
These initiatives and investments create opportunities for individuals, families and businesses to fully participate in and share the rewards of building economic stability in their communities.