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THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

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BNY Mellon to raise minimum wage, add mental health benefits

The Bank of New York Mellon Corp. building at 1 Wall St. is seen in New York's financial district
The Bank of New York Mellon Corp. building at 1 Wall St. is seen in New York's financial distri... The Bank of New York Mellon Corp. building at 1 Wall St. is seen in New York's financial district March 11, 2015. REUTERS/Brendan McDermid
The Bank of New York Mellon Corp. building at 1 Wall St. is seen in New York's financial district
The Bank of New York Mellon Corp. building at 1 Wall St. is seen in New York's financial distri... The Bank of New York Mellon Corp. building at 1 Wall St. is seen in New York's financial district March 11, 2015. REUTERS/Brendan McDermid

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In a statement released on Friday, BNY Mellon (BK.N.) said it will boost its minimum pay to $22.50 per hour from $20 per hour next year. Additionally, the bank will enhance its mental health services for its employees.

This is the third salary increase that the corporation has implemented in the past three years and will take effect in March.

Among the top lenders, the oldest bank in the United States is boosting the minimum wage for workers. BAC.N., for Bank of America, increased its minimum hourly salary to $23 in October to reach $25 by 2025.

The mental health benefits BNY Mellon offers will also be expanded to cover twelve treatment sessions each year, an increase from the five sessions currently offered.

To quote Sharyn Jones, the global head of talent at BNY Mellon, “We want our employees to feel valued and know that they are being compensated competitively,” she stated. “It’s important that we continue to invest in our culture in order to attract and retain top talent.”

In conclusion, BNY Mellon’s commitment to increasing the minimum wage and extending mental health benefits serves as an example model of corporate responsibility and efforts focused on the employee. This proactive step not only improves the well-being of its personnel but also establishes an inspirational benchmark for the industry as a whole, highlighting the essential role that firms play in ensuring the welfare of society.


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