MetLife Inc. is raising its U.S. minimum wage to $20 an hour from $15 as the nation’s biggest life insurer joins the roster of firms boosting worker pay amid labor shortages.
The company said the pay bump follows a $10 million investment to enhance training and “career path development” for employees. MetLife’s last U.S. wage increase came in 2018.
The $20 rate takes effect next month, according to a spokesperson who said the insurer is hiring, particularly for customer-service and operations roles.
“By raising our minimum wage, we’re offering security and confidence to our people just as we do our customers,” Chief Executive Michel Khalaf said Thursday in a statement. “It is our employees who help us deliver on the promises we make, so their well-being is paramount.”
Companies including McDonald’s Corp. and Costco Wholesale Corp. have announced wage increases this year. Charles Schwab Corp. said Thursday that it will increase pay by 5% for most of its 32,500 employees, with the pay hike taking effect in late September.
Chipotle Mexican Grill Inc. raised its average wage to $15 an hour in May as it moved to hire 20,000 workers across the U.S. Amazon.com Inc. also announced plans in May to hire 75,000 people in the U.S. and Canada at starting pay that will average more than $17 an hour.
MetLife employs around 46,500, according to data compiled by Bloomberg. The federal minimum wage is $7.25 an hour.
"This shouldn’t be hard to ban, but neither party will do it. So offensive to the people they serve," RIA titan Peter Mallouk said in a post that referenced Nancy Pelosi's reported stock gains.
Elsewhere, Sanctuary Wealth recently attracted a $225 million team from Edward Jones in Colorado.
The giant hybrid RIA is elevating its appeal to advisors with a curated suite of alternative investment models, offering exposure to private equity, private credit, and real estate.
The $40 billion RIA firm's latest West Coast deal brings a veteran with over 25 years of experience to its legacy division for succession-focused advisors.
Invictus fund managers allegedly kept $10 million in plan assets after removal, setting off a legal fight that raises red flags for wealth firms.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
