PNC is planning to give employees bonuses and extra cash for their pension plans after the tax bill’s passage.
The bank — the third-largest one in the region — said Friday that it is planning additional investments such as:
- An additional $1,500 to existing pension accounts for employees in the defined benefit pension plan.
- A $1,000 cash payment to about 47,500 employees in the first quarter of 2018. This will impact all employees below a certain compensation level, or about 90 percent of PNC employees.
- Raising the minimum pay rate to $15 an hour by the end of 2018. This will accelerate an already existing goal.
- A $200 million contribution to the PNC Foundation, which supports early childhood education.
“The tax reform law creates an opportunity to reward our employees who are working hard each day to serve our customers, build strong relationships in our communities and create long-term value for our shareholders,” stated William S. Demchak, PNC’s chairman, president and chief executive.
PNC, headquartered in Pittsburgh, is the third-largest bank in both the Springfield and Dayton metro areas, according to the FDIC.
For the Dayton metro it had 24 offices and $1.6 billion in local deposits as of June. For the Springfield metro, it had six offices and $248.7 million in local deposits as of June.