Barclays raises minimum wage to $20+

Barclays US Consumer Bank CEO Denny Nealon announced Thursday that the British bank would raise its minimum wage to at least $20.50 for U.S. workers. | DBT PHOTO BY JACOB OWENS

WILMINGTON – Barclays, the British multinational bank with a U.S. headquarters in the Riverfront, announced Thursday that it has increased its minimum hourly wage in the United States by at least 20%.

The move, which reportedly impacts 900 employees nationwide at call centers, would raise the bank’s minimum wage from $17 an hour to at least $20.50. Some markets may see even higher minimum rates depending on cost-of-living indices, the company said.

Many industries are competing fiercely at the moment for workers, especially those toward the bottom of the wage scale as employers ratchet up wages in competition for them. According to February data from the U.S. Bureau of Labor Statistics, there were 5 million more job openings than job-seekers last month.

The rising company wage also comes as states raise their mandated minimum wage, including Delaware, which could set off escalating increases throughout the wage scale. The First State’s current minimum wage of $10.50 an hour is set to rise to $15 an hour by 2025.

“By investing in our people, we are investing in our ability to continue providing the best services to clients and customers,” Richard Haworth, Barclays CEO for the Americas, said in a statement. “This new minimum rate demonstrates our continued commitment to maintaining our position as a market-leading employer in the US.”

Barclays reported that employees who would benefit from its wage increase would largely be supporting its Barclays US Consumer Bank at operation centers in Wilmington; Henderson, Nevada, and Hamilton, Ohio. Last year, the bank announced plans to hire 1,000 new employees nationwide.

“Being an employer of choice and retaining top talent with competitive pay, robust benefits and career development opportunities is especially crucial as we look to significantly grow our footprint in the U.S.,” Denny Nealon, CEO of Barclays US Consumer Bank based in Wilmington, said in a statement.

Barclays Fair Pay Report outlines Barclays’ commitment to a living wage in every jurisdiction, and reviews progress and makes recommendations on an annual basis. Earlier this year, Barclays also enhanced health and well-being benefits for employees, including new parental and family benefit solutions, access to benefits consultants, and other well-being improvement services.