CHARLOTTE – Truist Financial Corporation will raise its minimum wage to $22 per hour starting on October 1, 2022, the Charlotte-headquartered financial company announced today.

According to a company statement, the increase to $22 per hour as a standard policy for the firm’s employees is an increase from minimum wages that currently range between $15 and $18 per hour depending on geographic location.

About 14,000 employees will see a wage bump, the company said in a statement.  The company is actively recruiting in North Carolina, with more than 700 openings in the state across all divisions, according to the company’s website.

“This critical investment in our teammates further rewards the positive impact they make to provide a distinctive client experience and deliver on our purpose to inspire and build better lives and communities,” said said Kimberly Moore-Wright, chief teammate officer and head of enterprise diversity.

The company noted that it reviews compensation policies and a program it calls “total rewards” annually.  Truist was formed in 2019 with the merger of SunTrust and BB&T and quickly selected Charlotte as the site of the company’s technology and innovation center.

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The latest movement in wages

Bank of America, which is also headquartered in Charlotte, announced last year it had raised minimum wages to $21 per hour with a plan to raise the company’s minimum wages to $25 per hour by or during 2025.  MetLife, which has a facility in the Triangle, raised minimum wages to $20 per hour last year.  And Verizon has now raised its minimum wages to $20 per hour, and is offering sign-on bonuses for some positions based in North Carolina, as well.

A recent analysis found that North Carolina is among the leaders for job and wage growth for small businesses, and even with concerns about a possible recession, tens of thousand jobs remain open in the Triangle and across the state.

Last year, compensation to workers rose by 4%, which WRAL TechWire and CNN reported was the largest such increase in two decades.

Triangle’s vibrant economy — nearly 50,000 open positions — a buffer should recession come

Wages are surging – and companies don’t see any change in the trend soon