" class="no-js "lang="en-US"> BNY Mellon Announces Expanded Benefits for U.S. Employees
Monday, March 04, 2024

BNY Mellon Announces Expanded Mental Health Benefits and Increased Minimum Wage for U.S. Employees

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 will provide more personalized access to mental health support for employees and their families – including spouses, domestic partners and children, regardless of BNY Mellon medical plan enrollment.

The plan will allow for up to 12 no-cost therapy sessions annually, an increase from five sessions currently available, and will offer employees specific therapist options. This enhanced program will leverage a personalized approach to provide employees with individualized care plans. This is in addition to a variety of other resources to support employee mental health including education sessions, personal resilience tools, in-house Wellbeing Support clinicians and a peer-to-peer Mental Health Champion (MHC) program. MHCs are select employees who are trained to provide a supportive listening ear for colleagues, and steer to mental health assistance if needed.

BNY Mellon remains committed to meeting the evolving needs of employees, colleagues and their families. The latest example of this is our expansion of the minimum wage.

BNY Mellon is also announcing that its minimum hourly salary rate for employees based in the U.S. will increase from $20.00 to $22.50 per hour – over three times the federal minimum wage. This will take effect on March 1, 2024. This change reflects a 12.5% increase to the previous minimum wage rate and the third minimum wage increase for BNY Mellon in the last three years.

“We want our employees to feel valued and know that they are being compensated competitively,” said Sharyn Jones, Global Head of Talent at BNY Mellon. “It’s important that we continue to invest in our culture in order to attract and retain top talent.”

In addition, BNY Mellon recently announced several other initiatives that aim to meet employees’ needs at different life stages. These include:

  • Expansion of BK Shares program to offer BNY Mellon stock to all eligible new employees (as of November 2023)
  • Joining OneMind at Work, a not-for-profit, providing access to thought leadership and connectivity across members to further optimize our best practice.
  • 16 weeks of fully-paid parental leave, regardless of gender and inclusive of birth, adoption, surrogacy and foster placement
  • A health plan option with zero premiums for U.S. employees earning less than $75,000 annually

“Our larger competitive employee reward portfolio is always expanding – we want to ensure that current and future employees know we are dedicated to investing in their success,” said Amit Chowdhary, BNY Mellon’s People Team Chief Operating Officer and Senior People Business Partner.

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