Peoples Bank has joined other companies who say they are investing in its employees in response to recently passed federal tax reform legislation.
The Bellingham-based bank said it was raising the minimum wage to $15 an hour for all hourly employees and is increasing its match to each eligible employee’s 401K retirement benefits to 8 percent, according to a news release. Peoples Bank also will evaluate how to minimize wage compression for employees already making around $15 an hour, said Samara Villasenor, a spokeswoman representing Peoples Bank.
Peoples Bank joined Washington Federal among regional banks announcing pay raises specifically because of the federal tax reform legislation passed in December. Several national companies have made similar employee investments, including AT&T and Boeing.
Peoples Bank, which has its headquarters in Bellingham, has nine Whatcom County branches. It has 255 full-time equivalent positions in this area, Villasenor said.
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