Barclays is raising wages for U.S. workers by at least 21% to $20.50 an hour from $17, joining the ranks of lenders boosting compensation for their lowest-paid staff.
The hike was set to kick in in March and applies to more than 900 employees primarily tied to the firm’s consumer bank, Barclays said in a statement. The new rate will vary based on location and cost-of-living indexes.
“By investing in our people, we are investing in our ability to continue providing the best services to clients and customers,” Richard Haworth, chief executive for the Americas, said in the statement.
The move comes as inflation drives up costs for consumers and the labor market remains tight. Bank of America announced a similar pay increase in May, and PNC Financial Services Group followed suit in August.
