Bangor Savings Bank plans to increase the minimum pay rate for bank employees to $18 an hour as part of their ongoing Living Wage Initiative. Effective on October 18, 2021, this raise, along with those within the associated compression range, will increase compensation for approximately 475 employees.
According to a statement, the increase is a result of the Bank’s dedication to its employees and its commitment to attracting and retaining talent, while offering fair and equitable pay regardless of position, location, or full or part-time status. As a reflection of its appreciation for and value of its employees, Bangor Savings Bank routinely engages in the Living Wage Initiative which reviews the Bank’s compensation plan, including comparative market and position data, to ensure employees are paid equitably. In addition to an employee’s base pay, the Bank also offers a robust wellness benefits package, adding to the total value of compensation packages.
“Our employees’ wellbeing and livelihood is a priority for us at Bangor Savings Bank,”said Bob Montgomery-Rice, President and CEO of Bangor Savings Bank. “We appreciate the institutional knowledge and dedication that our valued employees bring to our bank, to our customers and the community. When our employees are cared for and supported, they are able to extend additional care and support to others, and Living Wage is another example of our commitment to creating a workplace of choice today and for the future.”
This round of Bangor Savings Bank’s proactive, annual review of Living Wage provides off-cycle increases to all employees currently earning $16-$21.99 per hour. The Bank is pleased to offer this new minimum rate of pay. All employees, including those receiving increases in this Living Wage cycle, remain eligible for annual performance and incentive-based compensation.