WASHINGTON, D.C.— The aloha spirit is alive and well in Hawaii as Hawaii’s major banks announced they will join the long list of other American companies increasing wages and bonuses for their employees as a result of the Tax Cuts and Jobs Act being signed into law.
- First Hawaiian Bank, the state’s largest bank, said it will give out $1,500 cash bonuses to 2,264 employees, or all but 11 members of its senior management team. The state’s largest bank also will increase its minimum wage to $15 an hour from $12.75 an hour for 613 employees.
- Bank of Hawaii, the state’s second-largest bank, said it will give out $1,000 cash bonuses to 2,074 employees, or 95 percent of its workforce. The bonuses affect all employees below the senior vice president level. The bank also will increase its minimum wage to $15 an hour from $12 an hour.
- American Savings Bank, the third-largest bank in Hawaii, said it will award $1,000 bonuses to nearly all of its employees. In addition, the bank said it was increasing its starting wage to $15.25 an hour from $12.21 an hour.
- Central Pacific Bank, Hawaii’s fourth-largest bank, told the Star Advertiser it would provide $1,000 cash bonuses to employees outside of the executives on its management committee on Friday, as well as increase its starting pay to $15.25 an hour from $12 an hour on Jan. 1. “With the announcement of the lowering of the corporate tax rate, we are delighted to be able to make this holiday season extra special for our hard-working employees, our most important asset,” CPB President and CEO Catherine Ngo said in a statement.
To see the growing list of companies increasing wages, investments, jobs, and bonuses because of the Tax Cuts and Jobs Act, click here.