The bank's second minimum pay increase in less
than one year reinforces BMO's commitment to employees' financial
progress alongside its customers and communities
CHICAGO, July 11,
2022 /PRNewswire/ - BMO Harris Bank today announced
it will raise its minimum hourly wage for full- and part-time
branch and Customer Contact Center colleagues to $20 per hour beginning Aug. 7, 2022 as part of the bank's ongoing
commitment to the financial wellbeing of employees. The increase
impacts both new hires and current team members who earn below the
new minimum base pay for their position.
This is the second minimum hourly wage increase in just 10
months after the bank raised its hourly base pay to
$18 per hour in October 2021. The bank also raised base pay by 3%
for a majority of its employees – including those impacted by
today's increase announcement – in June of this year. The pay
increases reflect BMO's commitment to providing competitive
compensation for team members and builds on its comprehensive
incentives and benefits packages to recruit and retain the best
talent.
"As a leading North American Bank that supports progress for
all, today we are announcing a significant new investment in our
people – the best team in banking. We know that caring for our
colleagues first allows them to focus on helping our customers make
real financial progress," said Ernie
(Erminia) Johannson, Group Head, North American Personal
& Business Banking, BMO Financial Group. "Our dedicated
frontline financial heroes bring BMO's Purpose to life every day,
boldly growing the good for our customers and communities."
BMO continues to monitor and will adjust compensation
accordingly to align with the shifting banking market. In addition
to frequent wage assessments, the company offers a competitive
Total Rewards Program that includes robust offerings like quarterly
and annual incentives, benefits for full- and part-time colleagues,
paid time-off, retirement and wellness programs, and tuition
reimbursement. BMO is also dedicated to the professional
advancement and development of its team and offers programs that
facilitate personal career development and provide pathways toward
leadership roles.
About BMO Harris Bank
BMO Harris Bank provides a broad range of personal banking
products and solutions through more than 500 branches and fee-free
access to over 40,000 ATMs across the
United States. BMO Harris Bank's commercial banking team
provides a combination of sector expertise, local knowledge and
mid-market focus throughout the United
States. For more information about BMO Harris Bank, visit
the company fact sheet. Accounts are subject to approval. BMO
Harris Bank N.A. Member FDIC. BMO Harris Bank is part of BMO
Financial Group, a highly diversified financial services provider
with total assets of CDN$1.04
trillion as of April 30, 2022.
Media contact: Lucas Seiler, BMO Harris Bank,
Chicago, lucas.seiler@bmo.com
312-931-5351
View original
content:https://www.prnewswire.com/news-releases/bmo-harris-bank-announces-minimum-base-pay-increase-bringing-hourly-pay-to-20-301583460.html
SOURCE BMO Financial Group