HONOLULU\u2014Bank of Hawaii announced Dec. 23 that it is increasing its minimum wage level to $15 per hour effective Jan. 1, 2018.\u00a0The current level is $12 per hour.<\/p>\n
The increase allows the bank to have a minimum wage level that is in line with the state\u2019s \u201cliving wage,\u201d which is often cited as approximately $30,000 annually for single individuals. The move also places the bank\u2019s starting wage well in excess of the current state minimum wage rate of $9.25. The move will positively impact 565 bank employees.\u00a0 <\/p>\n
Additionally, the bank also announced that it is rewarding all employees below the senior vice president level with cash bonuses of $1,000, payable this week. That move will benefit 2,074 employees or 95 percent of the workforce. Both the bonus and minimum wage levels will apply to Hawaii-based employees as well as employees in Guam, Saipan, Palau, and American Samoa.<\/p>\n
\u201cOur employees are, by far, our greatest asset. It\u2019s our pleasure to reward our team with this holiday opportunity,\u201d said bank chair, president and CEO Peter Ho. \u201cWe\u2019ve recently been thinking about increasing our minimum wage level throughout the organization to the living wage level. The adjustments to the corporate tax rate provided further momentum to execute on the plan.\u201d<\/p>\n
Bank of Hawaii Corp. is an independent regional financial services company serving businesses, consumers and governments in Hawaii, American Samoa and the West Pacific. The company\u2019s principal subsidiary, Bank of Hawaii, was founded in 1897. For more information about Bank of Hawaii Corporation, see the company\u2019s website, www.boh.com. (PR)<\/p>\n","protected":false},"excerpt":{"rendered":"
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