U.S. Bank announces 20% Premium Pay Program and $30M to support the community
U.S. Bank continues to closely monitor the spread of COVID-19, the novel coronavirus, and we’re implementing actions to help minimize the potential impact on our employees, customers, operations and the communities where we operate. I wanted to send you a quick update on what we’ve been doing.
Banks provide essential services in crisis situations like this, and we are doing our part to balance customer service, support public health efforts and keep our employees safe. With this in mind, we have decided to temporarily shorten branch hours companywide and adjust branch operations, and we may make further changes to individual sites based on guidance from local officials. We’ve made temporary adjustments to several lending products and services to make them more affordable and accessible to existing customers affected by COVID-19.
U.S. Bank today announced two new programs to support its employees and communities in response and recovery efforts during these unprecedented times. A Premium Pay Program will provide critical front-line employees with a temporary 20% hourly wage increase, while a new $30 million commitment to human services organizations and local nonprofits will support COVID-19 recovery efforts in communities across the country.
Supporting our front-line employees
In recognition of the challenges that essential front-line employees face as they continue to support the critical banking needs of its customers, U.S. Bank is investing in a Premium Pay Program.
- Effective March 23, eligible critical front-line employees will receive a 20% wage premium during the four-week program.
- The Premium Pay Program applies to more than 30,000 critical employees at branches, operations and contact centers, field operations offices and critical service locations.
- U.S. Bank will continue to assess the environment to determine if the program will be extended beyond the initial four-week period.
- This is in addition to our existing program to provide additional paid time off for employees affected by COVID-19, among other relief programs.
Investing in community recovery
In addition to its investment in critical front-line employees, U.S. Bank also announced a $30 million commitment to support COVID-19 relief efforts in communities around the country. This community commitment will support immediate relief and long-term recovery efforts and includes $4 million in the next two weeks to national organizations focused on small business recovery and crisis relief and an additional $26 million to local nonprofits across the country by year’s end.
The community response includes:
- National donations – $4 million to United Way, LISC and Operation HOPE to support individuals and small businesses affected by COVID-19.
- Local donations – $26 million in general operating funds to local nonprofit organizations across the country to continue supporting individuals and families with financial education, affordable housing and work assistance. This includes employee donations, which U.S. Bank will double through matching gifts.