USAA Sets $16 Minimum Wage, Expands Parental Leave Benefits (April 11, 2017)

By David Hendricks, My SA

Financial services giant USAA joined a growing list of companies to raise its minimum wage above federal standards, setting it at $16 an hour and expanding its parental leave policy as the company seeks to attract top talent in a tight local labor market.

That brings the annual base pay at the San Antonio company, which provides insurance, banking and investing services, to $33,000 for full-time workers, the company announced Tuesday.

Corporations — including Starbucks, Walmart, McDonald’s Corp. and JPMorgan Chase & Co., — have announced increases to their minimum pay over the last year as lawmakers in Washington push to more than double the U.S. minimum wage from $7.25 an hour. Labor groups across the nation have been lobbying for the increase. Four states adopted measures on election night — Arizona, Colorado, Maine and New Mexico — to dramatically boost their minimum wages by 2020.

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