Amalgamated Bank to Raise Minimum Hourly Wage to $20
Effective July 1, Amalgamated will become the first bank to offer a $20 minimum wage building on its leadership in the ‘Fight for $15’
A living minimum wage empowers workers, families, and communities. We are honored to continue to lead the way in supporting and advocating for workers’ rights as we announce that the bank will be raising our minimum hourly wage to $20 for all full-time employees.
NEW YORK, May 13, 2019: Amalgamated Bank (Nasdaq: AMAL) announced today that it will raise its minimum wage to $20 an hour, effective July 1, 2019. Founded by a union in 1923, Amalgamated will be the first bank in the country to offer all full-time employees a $20 minimum wage once the change goes into effect.
The announcement builds on Amalgamated’s longstanding commitment to workers’ rights and increasing minimum wages. In 2015, Amalgamated spearheaded the ‘Fight for $15’ within the banking sector as the first financial institution to raise its minimum hourly wage to $15 an hour. The bank publicly advocated for states, as well as other organizations in the banking industry, to follow suit.
“A living minimum wage empowers workers, families, and communities. We are honored to continue to lead the way in supporting and advocating for workers’ rights as we announce that the bank will be raising our minimum hourly wage to $20 for all full-time employees” said Keith Mestrich, the President and CEO of Amalgamated Bank.
“Amalgamated has always used its resources to advance positive change. By raising its minimum wage to $20, the bank is continuing to do its part in creating greater access and opportunity for workers. We’re honored to stand with Amalgamated as they support, and advocate for, workers and their families,” said Seth Goldstein, Senior Business Representative of OPEIU Local 153.
The Office and Professional Employees International Union (OPEIU) Local 153 is the collective bargaining agent representing Amalgamated’s workforce.
About Amalgamated Bank
For nearly a century, Amalgamated Bank has served as America’s socially responsible bank, supporting forward-thinking organizations, companies, and individuals across the country. We are an advocate for those working to make the world more just, compassionate and sustainable. Our extensive experience, financial knowledge and community of like-minded customers offer a unique set of financial tools to customers. Amalgamated is the country’s largest B Corp® bank and a proud member of the Global Alliance for Banking on Values. We don’t just have a mission. We are on a mission: to support those who support others, to invest in progressive and impactful causes and to advocate true financial opportunity for all.