SunTrust to Increase Minimum Wage, Build Teammate Savings and Create $50M Community Fund for Financial Well-Being
Monday, January 8th, 2018
SunTrust Banks, Inc. is taking a series of actions to invest savings from tax reform in supporting the financial wellness of its workforce and communities.
"The anticipated benefits from tax reform allow us to build upon our purpose of Lighting the Way to Financial Well-Being in a sustainable way by implementing actions that will have a multi-year impact for many of the constituents that count on us," said Bill Rogers, SunTrust chairman and CEO. "We believe tax reform will improve the competitiveness of American business and promote economic growth, and this gives us confidence to invest more in our company, our teammates and the communities we serve."
SunTrust has made the following commitments:
$50 million in additional community grants to national and local financial well-being efforts
Minimum wage increase to $15 per hour
Merit base pay increases for certain other hourly teammates (approximately 20 percent of workforce)
A one percent 401(k) contribution to retirement savings for all teammates, in addition to the company's six percent match opportunity
$1,000 financial incentive for all teammates that complete the SunTrust Momentum onUp financial fitness program
Introduced in 2016, the onUp movement led by SunTrust offers financial wellness resources and programs for both individuals and companies. To date, more than 2.5 million people have taken steps to reduce financial stress and achieve greater financial well-being.
SunTrust has a long history of investing in teammates and communities, while providing expertise and solutions for clients to achieve financial confidence. The company also gives all teammates a day off each year to focus on their personal finances, as well as paid time off to volunteer in the community.