Barclays Announces a New Minimum Pay Rate for US Colleagues

Rhea-AI Summary

Barclays has announced an increase in its minimum hourly pay rate in the United States to $20.50, up from $17.00, effective March 2022. This change will benefit over 900 employees, primarily at Barclays US Consumer Bank. The move reflects the bank's commitment to competitive pay and retaining top talent as it aims to expand its US operations. CEO Richard Haworth emphasized this investment in people as crucial for delivering quality service to clients. Additionally, Barclays has enhanced employee health and well-being benefits, reinforcing its Fair Pay Agenda.

Positive

• Increase in minimum hourly pay to $20.50, benefiting over 900 employees.
• Commitment to attract and retain talent with competitive compensation and benefits.
• Recent enhancements to employee health and well-being programs.

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• None.

NEW YORK--(BUSINESS WIRE)-- Barclays announced an increase to its minimum hourly pay rate in the United States, a move that will benefit over 900 colleagues and begin this month, March 2022.

The new rate, which varies by location based on cost of living indices, will increase to at least $20.50 per hour, up from $17.00 per hour.

“By investing in our people, we are investing in our ability to continue providing the best services to clients and customers,” said Richard Haworth, CEO for the Americas. “This new minimum rate demonstrates our continued commitment to maintaining our position as a market-leading employer in the US.”

The majority of colleagues benefitting from this enhancement support Barclays US Consumer Bank. Barclays announced in November a number of investments aimed at growing its US Consumer Bank, including the hiring of 1,000 new employees nationwide, of which more than 300 positions will be in Wilmington, Delaware, where Barclays US Consumer Bank is headquartered, and more than 700 at its key operations centers in Henderson, Nevada and Hamilton, Ohio.

“Being an employer of choice and retaining top talent with competitive pay, robust benefits and career development opportunities is especially crucial as we look to significantly grow our footprint in the US,” said Denny Nealon, CEO, Barclays US Consumer Bank.

Barclays Fair Pay Report outlines Barclays’ commitment to a living wage in every jurisdiction, and reviews progress and makes recommendations on an annual basis.

Earlier this year, Barclays also enhanced health and well-being benefits for employees, including new parental and family benefit solutions, access to benefits consultants, and other well-being improvement services.

For more information about progress in Barclays’ Fair Pay Agenda, please see the latest annual Fair Pay Report.

About Barclays

Barclays is a British universal bank. We are diversified by business, by different types of customer and client, and geography. Our businesses include consumer banking and payments operations around the world, as well as a top-tier, full service, global corporate and investment bank, all of which are supported by our service company which provides technology, operations and functional services across the Group. For further information about Barclays, please visit our website home.barclays

View source version on businesswire.com: https://www.businesswire.com/news/home/20220331005098/en/

Press:

Matt Scully

212.526.7844

matthew.scully@barclays.com

Source: Barclays

FAQ

What is the new minimum hourly pay for Barclays employees in the US?

Barclays has increased its minimum hourly pay to $20.50.

How many employees will benefit from the pay increase at Barclays?

Over 900 colleagues will benefit from the pay increase.

When does the new pay rate take effect?

The new pay rate takes effect in March 2022.

What is Barclays' commitment regarding employee compensation?

Barclays is committed to maintaining competitive pay and benefits to retain top talent.

What additional benefits has Barclays enhanced for its employees?

Barclays has enhanced health and well-being benefits, including parental and family support.