PITTSBURGH, Dec. 22, 2017 /PRNewswire/ -- The PNC
Financial Services Group, Inc. (NYSE: PNC) announced investments in
its employee compensation and communities following the signing of
the tax reform bill today.
PNC will:
- Provide for employees in the defined benefit pension plan an
additional $1,500 to their existing
pension accounts.
- Provide a $1,000 cash payment to
approximately 47,500 employees in the first quarter of 2018. This
will impact all employees below a certain compensation band,
representing approximately 90 percent of PNC employees.
- Raise the minimum pay rate to $15
an hour by the end of 2018, accelerating the goal that has been
underway for some time.
- Make a $200 million contribution
to the PNC Foundation, which supports early childhood education
through PNC's Grow Up Great® initiative.
"The tax reform law creates an opportunity to reward our
employees who are working hard each day to serve our customers,
build strong relationships in our communities and create long-term
value for our shareholders," said William
S. Demchak, PNC's chairman, president and chief executive
officer. "The Board's decision to recognize our employees and
support our communities is reflective of our commitment to PNC's
success."
For more information about how PNC invests in its employees,
including employee benefit programs, see the PNC 2016 Corporate
Social Responsibility Report.
The PNC Financial Services Group, Inc. is one of the largest
diversified financial services institutions in the United States, organized around its
customers and communities for strong relationships and local
delivery of retail and business banking including a full range of
lending products; specialized services for corporations and
government entities, including corporate banking, real estate
finance and asset-based lending; wealth management and asset
management. For information about PNC, visit www.pnc.com.
CONTACTS:
MEDIA:
Diane
Zappas
(412)
762-4550
media.relations@pnc.com
INVESTORS:
Bryan Gill
(412) 768-4143
investor.relations@pnc.com
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SOURCE PNC Financial Services Group, Inc.