News Section: Business and Financial
C1 Bank Institutes Living Wage Policy
Pay raise benefits 27 of bank's 217 employees
ST. PETERSBURG – The banking industry was shamed by a recent, highly-publicized claim that despite record profits, a third of its tellers were on public assistance. C1 Bank has been the first to respond, making an announcement this week that it would begin paying its permanent full-time employees a minimum of $14 per hour, a move that it says will benefit over 10 percent of its workforce. Increases will range from 1-30 percent and will go into effect on April 1.
St. Pete-based C1 operates 27 locations across the state, including three in Bradenton. The company says that 64 percent of its workforce is made up of women and believes that instituting the "living wage policy" will impact a significant number of families where women are the sole or primary breadwinners.
"C1Bank provides the very highest level of personalized service to our clients and this drive requires the very best quality employee even at the entry level," said C1 Bank CEO Trevor Burgess in a release. "By instituting a living wage we can lead the marketplace in attracting and retaining the most qualified team members," adding, "This quarter will mark our 16th consecutive quarter of profit and we have a responsibility, to the community, to pay a fair living wage to all our employees. Given the success of C1 Bank, it's also just the right thing to do."
Florida's state minimum wage is $7.93 per hour.
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