BNY Mellon Announces Expanded Mental Health Benefits and Increased Minimum Wage for U.S. Employees
DECEMBER 1, 2023
BNY Mellon has announced updates to employee benefits for 2024, including expanded mental health resources for employees and an increased minimum wage.
BNY Mellon’s Wellbeing Support Program will launch in 2024 and provide personalized access to mental health support for employees and their families.
The plan will allow for up to 12 no-cost therapy sessions annually, an increase from five sessions currently available. The enhanced program will leverage a personalized approach to provide employees with individualized care plans, and resources to support mental health including education sessions, resilience tools, in-house clinicians and a peer-to-peer Mental Health Champion (MHC) program.
“We are dedicated to investing in the success of our team members by continuously expanding our employee benefits,” said Amit Chowdhary, BNY Mellon’s People Team Chief Operating Officer and Senior People Business Partner.
Additionally, BNY Mellon’s minimum hourly salary rate for employees based in the U.S. will increase 12.5% from $20.00 to $22.50 per hour – over three times the federal minimum wage. This will take effect on March 1, 2024.
“We want our employees to feel valued and know that they are being compensated competitively, while also attracting top talent,” said Sharyn Jones, Global Head of Talent at BNY Mellon.
BNY Mellon also recently announced several additional employee benefits:
- Expansion of BK Shares program to offer BNY Mellon stock to all eligible new employees (as of November 2023)
- Joining OneMind at Work, a non-for-profit committed to improving workplace mental health
- 16 weeks of fully-paid parental leave
- Health plan option with $0 premiums for U.S. employees earning less than $75,000 annually