San Antonio-based Frost Bank announced that it increased the minimum wage rate for employees, boosting pay for about 1,800 workers across Texas.
Frost Bank, one of the largest banks based in the Lone Star State, said Friday that the minimum starting pay would increase to $20 an hour. The pay increase went into effect on Friday.
“This is just one of the ways that Frost has invested in our employees,” Frost Chairman and CEO Phil Green said in a news release. “In addition to our commitment to diversity, inclusion and equity, we have built beautiful facilities to work in and kept them open even as many employees enjoy the flexibility of working remotely.”
“We’ve increased vacation, paid time off, caregiver time and community service time off. We’ve invested in technology to make us more effective and to keep us connected. And we just invested $3.5 million to reduce medical plan premiums.”
The news release states that 1,800 workers, including bankers, tellers, call center operators and support staff, would see the benefit.
Annually, the wage increase will amount to about $15 million, the bank said. Officials added that the pay increase “keeps Frost at the forefront of competitive workplaces.”
“We continuously study our markets to make sure that we provide a fair and competitive compensation package for our employees,” Green said. “Having that information gives us the flexibility to keep up with market conditions and make Frost an extraordinary place to work, unlike any other.”