BMO U.S. Announces Minimum Base Pay Increase, Bringing Hourly Pay to $20 for All Qualified U.S. Employees

Rhea-AI Summary

BMO has announced a minimum hourly wage increase to $20 for all qualified U.S. employees, effective March 12, 2023. This marks the bank's fourth wage increase in 16 months and reflects its commitment to employee financial well-being. The increase applies to new hires and existing employees earning below this wage, including those from the recently acquired Bank of the West. BMO emphasizes competitive compensation to retain talent while offering comprehensive benefits and programs supporting employees' financial progress.

Positive

• Minimum hourly wage raised to $20 for qualified U.S. employees.
• Fourth wage increase in 16 months, indicating a strong commitment to employee financial welfare.
• Includes employees from recently acquired Bank of the West.
• Comprehensive benefits and Total Rewards Program enhances employee retention and satisfaction.

Negative

• None.

• The increase applies to new hires and current team members from BMO U.S. and the recently acquired Bank of the West who earn below the new minimum base pay
• This is the bank's fourth wage increase in two years, reinforcing BMO's commitment to employees' financial progress alongside its customers and communities

CHICAGO, Feb. 6, 2023 /PRNewswire/ - BMO (NYSE: BMO) today announced it will raise its minimum hourly wage for all qualified U.S. employees to $20 per hour effective March 12, 2023, as part of the bank's ongoing commitment to the financial wellbeing and progress of its employees. The increase applies to new hires and current team members from BMO U.S. and the recently acquired Bank of the West who earn below the new minimum base pay.

This is the bank's fourth wage increase in 16 months after the bank raised its hourly base pay to $20 per hour for full- and part-time branch and Customer Contact Center team members in August 2022. Previously in October 2021, the bank raised its hourly base pay to $18 per hour. The bank also raised base pay by 3 percent for a majority of its employees in June of last year. The pay increase reflects BMO's commitment to providing market-competitive compensation for team members and builds on its comprehensive incentives and benefits packages to recruit and retain the best talent.       

"BMO has one of the best teams in banking and we want to reward our team in a way that reinforces their value to our organization and is competitive with the market," said Larissa Chaikowsky, U.S. Chief Human Resources Officer and Head, Talent Reskilling & Acceleration, BMO. "Our colleagues are critical to BMO's success, and we continue to be committed to making investments in our people to ensure they can make real financial progress alongside our customers and our communities."

BMO continues to monitor and will adjust compensation accordingly to align with the banking market. In addition to frequent wage assessments, BMO offers a comprehensive Total Rewards Program that includes a mix of financial rewards and incentives to support employees' financial progress; paid time off; programs for business and life that give employees' choice and support their unique priorities – like tuition reimbursement and virtual tutoring for employees' school-aged children; inclusive health benefits that are complemented by a top-tier total wellness offering; and recognition programs that celebrate successes.

About BMO Financial Group

Serving customers for 200 years and counting, BMO is a highly diversified financial services provider - the 8th largest bank, by assets, in North America. With total assets of $1.14 trillion as of October 31, 2022, and a team of diverse and highly engaged employees, BMO provides a broad range of personal and commercial banking, wealth management and investment banking products and services to 12 million customers and conducts business through three operating groups: Personal and Commercial Banking, BMO Wealth Management and BMO Capital Markets.

View original content:https://www.prnewswire.com/news-releases/bmo-us-announces-minimum-base-pay-increase-bringing-hourly-pay-to-20-for-all-qualified-us-employees-301739637.html

SOURCE BMO Financial Group

FAQ

What is BMO's new minimum hourly wage effective March 2023?

BMO's new minimum hourly wage is $20 effective March 12, 2023.

How many wage increases has BMO implemented in the last 16 months?

BMO has implemented four wage increases in the last 16 months.

Who benefits from BMO's wage increase?

The wage increase benefits all qualified U.S. employees, including those from Bank of the West.

What is the significance of BMO's wage increase?

The wage increase reflects BMO's commitment to employee financial well-being and competitive compensation.