Fidelity Bank to give raises, bonuses after tax cutsFebruary 20, 2018
Because of the federal tax changes, Fidelity Bank in Leominster said on Wednesday it is raising its minimum wage to $15 and is giving staff members below the level of vice president a $500 bonus.
The minimum wage will increase to $14.25 with a commitment to raise it to $15 by 2020, the bank announced.
Congress in December passed the Tax Cuts and Jobs Act, which overhauled the federal tax code and reduced the corporate tax rate from 35 percent to 21 percent.
The bank will allocate funds to its annual LifeDesign Community Dividend, a philanthropic arm of the bank supporting mental and physical health care, affordable housing, education and cultural organizations.
Extra cash freed up from the tax cuts will be invested in the bank's plan to hire new employees, implement new technology and new locations in Worcester and Gardner.
"We see tax reform as an opportunity to show our deep commitment to our three key constituencies – our valued employees, our community and our clients," said Chairman and CEO Edward Manzi. "It is a great reflection of our LifeDesign promise, which is an unwavering commitment to use our heads and hearts to do the next right thing that helps everyone get where they want to be."