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Tax reform helps Bankoh boost wages to Hawaii living wage standard.

BANKING AND CREDIT NEWS-December 27, 2017-Tax reform helps Bankoh boost wages to Hawaii living wage standard

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Bank of Hawaii has announced that it is increasing its minimum wage level to USD 15 per hour effective Jan. 1, 2018, the company said.

The current level is USD 12 per hour.

The increase allows Bankoh to have a minimum wage level that is in line with the state's living wage, which is often cited as approximately USD 30,000 annually for single individuals. The move also places the bank's starting wage well in excess of the current state minimum wage rate of USD 9.25. The move will positively impact 565 bank employees.

Additionally, Bankoh also announced that it is rewarding all employees below the senior vice president level with cash bonuses of USD 1,000, payable next week. That move will benefit 2,074 employees or 95 percent of the workforce. Both the bonus and minimum wage levels will apply to Hawaii-based employees as well as employees in American Samoa, Guam, Saipan and Palau.

Bank of Hawaii Corporation is an independent regional financial services company serving businesses, consumers and governments in Hawaii, American Samoa and the West Pacific. The company's principal subsidiary, Bank of Hawaii, was founded in 1897. For more information about Bank of Hawaii Corporation, see the company's website, www.boh.com.

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Publication:M2 Banking & Credit News (BCN)
Geographic Code:1U9HI
Date:Dec 27, 2017
Words:242
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