CHARLOTTE, N.C. — Truist Financial Corporation announced Wednesday it will boost its minimum U.S. hourly pay rate to $22 effective October 1st, 2022.

Officials say this increase is the company’s latest investment in key talents across the organization and positions Truist among the highest in the industry for minimum wage as part of a comprehensive Total Rewards program for its teammates.

“Truist strives to competitively compensate our teammates for the tremendous work they do for our clients and stakeholders, and we take a Total Rewards approach, including offering highly competitive wages, a robust wellness program, comprehensive benefits and an industry-leading 401(k) and pension program,” said Kimberly Moore-Wright, chief teammate officer and head of enterprise diversity. “This critical investment in our teammates further rewards the positive impact they make to provide a distinctive client experience and deliver on our purpose to inspire and build better lives and communities.”

Previously, officials say Truist’s minimum wage ranged from $15 to $18 per hour, based on location.

The new wage will positively impact up to 14,000 Truist employees, including 81 percent in client-facing roles primarily within its retail and small business banking businesses, according to a news release.



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