Effective Jan. 8, Wells Fargo is increasing its minimum hourly pay rate for U.S.-based employees to $13.50 – $17.00 an hour, depending on factors such as experience and geography.
This is a 12 percent increase from the company’s current minimum hourly rate. As a reference point, the federal minimum wage is $7.25.
“At Wells Fargo, we know that our team members are our greatest assets,” said Michael Branca, head of Wells Fargo Compensation. “That’s why an important part of our compensation philosophy is to combine market-competitive pay with a broad array of benefits and career development opportunities for team members. As part of this, we consistently monitor trends in compensation and make adjustments to ensure that our team members are earning a competitive wage.”
Team members are Wells Fargo’s core strength and most valuable resource — because of this, competitive compensation for all employees is a key focus. It enables the company to attract and retain the best talent, and it is just one of the ways Wells Fargo shows how much it values and supports its employees.
Wells Fargo invests in its employees in a number of other ways in addition to market-competitive pay:
- Wells Fargo’s average annual investment in its benefits programs is $12,000 per employee.
- 99 percent of U.S.-based employees are benefits-eligible.
- For U.S. employees, on average, Wells Fargo pays 75 percent of the medical premium.
- Wells Fargo’s health care benefits cover more than 515,000 lives (including team members and their dependents).
- 82 percent of the U.S. benefits-eligible population participates in the company’s 401(k) plan.
Wells Fargo will continue to monitor pay rates and adjust them to maintain competitive compensation.