PROVIDENCE – Santander Bank announced that it is raising its minimum wage for its employees to $15 an hour.
The increase in wages stems from the bank’s tax windfall due to the recently passed federal tax overhaul.
Previously the minimum wage varied by state, a company spokeswoman said, which ranged from $11.50 an hour to $15 an hour. Santander did not provide the current minimum wage of its Rhode Island employees by the time of publication.
The wage hike is expected to affect approximately 1,500 part- and full-time employees of the bank. Santander declined to say how much the raises would cost the bank.
Santander currently employs about 1,200 workers in Rhode Island.
The new minimum wage will go into effect March 17. It is mostly expected to affect workers in Santander’s branches and call centers.
“Our people are our greatest asset,” said Scott Powell, CEO of Santander US. “We have a long-standing commitment to investing in our employees and paying them fairly and competitively. They are on the front lines every day working to build strong, lasting relationships with our customers and I am pleased to be able to reward them for their dedication and hard work.”
Santander Bank is a subsidiary of Banco Santander NA.
