Tax reform helps Bankoh boost wages to Hawaii living wage standard
HONOLULU--(BUSINESS WIRE)--Dec. 22, 2017--
Bank of Hawaii announced today that it is increasing its minimum wage
level to $15 per hour effective Jan. 1, 2018. The current level is $12
per hour.
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Bank of Hawaii Chairman, President and CEO Peter Ho (Photo: Business Wire)
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
$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
$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 $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.
“Our employees are, by far, our greatest asset. It’s our pleasure to
reward our team with this holiday opportunity,” said bank Chairman,
President and CEO Peter Ho. “We’ve recently been thinking about
increasing our minimum wage level throughout the organization to the
living wage level. The adjustments to the corporate tax rate provided
further momentum to execute on the plan.”
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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Source: Bank of Hawaii Corporation
Bank of Hawaii Corporation
Stafford Kiguchi, 808-694-8580
Mobile:
808-265-6367
Stafford.Kiguchi@boh.com
