A San Antonio firm is getting ready to increase the minimum wage for its employees to $20. This is definitely a first in the banking industry. The Security Service Federal Credit Union announced the pay increase, stating that it will affect 400 staff. Most of them are working as contact center agents.
San Antonio Express reports President and CEO Jim Laffoon has said this move is about giving the best and brightest the opportunity to be successful at work and life. The raise lets employees know that they are being valued but are also a factor in achieving the future for the company. The SSFCU has employed more than 1,900 people across Texas, Colorado, and Utah. The pay raise will be instituted at the end of September.
Along with the raise, their benefits package and 401k plan helps attract the best and brightest talent, while also providing the top-tier service members deserve. SSFCU is headquartered in San Antonio. Frost Bank in San Antonio followed suit by boosting its starting wage as it looks to recruit and keep employees amid competition from other companies. Frost Bank's raise from $15 to $20 will take place on Friday. Frost Bank announced that they would also focus on reducing medical plan premiums. A month later, USAA raised its minimum wage from $16 to $21 an hour. They also now include a child care reimbursement program for those earning less than $100,000 in base pay.
According to the Bureau of Labor Statistics, the average wage in the city was $23.81 as of May 2020, below the national average of $27.07 an hour.