M&T Bank Corporation announced hourly pay hikes and other measures stemming from the signing of federal tax cuts.
The Buffalo, NY company that operates branches in Delaware and the Wilmington Trust investment operation announced the following.
- The company will increase wages for hourly paid employees. Their rate of pay will begin at $14 to $16 per hour, based on geography. This increase will represent an investment in employees of $25 million, once fully implemented.
- All employees will be granted 40 hours of paid time each year to participate in volunteer and/or employee resource group activities of their choice.
- Over the past 31 years, The M&T Charitable Foundation has consistently invested in a diverse range of civic, cultural, health and human services organizations in M&T communities. M&T contributed $50 million to The M&T Charitable Foundation during 2017—the largest amount in the company’s history. By comparison, $178.7 million was contributed by M&T to The M&T Charitable Foundation over the past 10 years.
“At M&T, we have a long tradition of working to be the best bank we can be for our employees, customers and communities. The success of our company is driven by the vitality of the communities in which we operate and our team’s tireless commitment to excellence in all that they do,” said René F. Jones, M&T CEO. “We are pleased to recognize our colleagues and our communities in a manner which will support sustainable growth and ultimately benefit our customers and shareholders.”
Banks, which often pay the highest corporate tax rates, have been announcing measures, such as pay hikes and boosts in philanthropy, following passage of the bill.
