Santander Bank has raised its minimum pay rate to $20, nearly three times the federal minimum wage.
Employees of Santander Bank, N.A. and Santander Consumer USA who work onsite in branches, call centers, and corporate offices are eligible for the pay increase.
The hike is higher than its major competitors and will take effect on April 3.
Santander US CEO Tim Wennes said: “Our customer-facing team members across Santander US provide in-person support and business critical services to our clients to help them achieve their financial goals.”
He said: “This latest pay increase recognizes their hard work and contributions and ensures we remain competitive in the marketplace as we look to attract and retain top talent.”
The new $20 minimum hourly pay will also be implemented by SC Operations teams on June 1 when employees are invited back to the office under a flexible, hybrid model.
The present hike is 16 percent for SC staff within a period of two years.
This latest compensation raise was introduced for Bank retail branch personnel in January and February as team members continued to serve and support clients in-person throughout the Omicron surge.
Santander boosted its minimum pay by more than 33 percent between 2018 and 2022.
Santander invests in team member training, career development, health and wellness initiatives, and employee network groups, in addition to base salary increments, merit raises, and bonus possibilities, to assist colleagues accomplish their personal and professional objectives.