HomeStreet Bank increases its minimum wage to $15 per hour

Company has Kent location

  • Wednesday, January 17, 2018 3:42pm
  • Business

Seattle-based HomeStreet Bank, which includes a Kent location, has raised its company minimum wage to $15 per hour at all 111 retail branches and lending centers in seven states.

HomeStreet announced the increase on Tuesday. The increase took effect Jan. 1. The company said it made the decision to increase wages after the recently signed federal tax reform bill that cuts the corporate tax rate from 35 percent to 21 percent, according to a HomeStreet press release.

“We’re dedicated to the incredible people who work at HomeStreet,” said Mark Mason, president and CEO of HomeStreet Bank. “We’re grateful to be in a position where we’re able to raise our minimum wage and reward our hardworking employees for the great work they do every day.”

The new policy will affect all non-commission employees. The increase to $15 per hour more than doubles the current U.S. federal minimum wage of $7.25 per hour. The Washington state minimum wage is $11 per hour.

The Kent location is at 505 W. Harrison St.

More in Business

Public invited to nominate Washington businesses that go the extra mile

Each year, the Office of the Secretary of State calls for nominations… Continue reading

Kent dentist offers free exams, teeth cleanings for kids and veterans on Fridays

Kent dentist Mike Hsieh is offering free exams and teeth cleanings for… Continue reading

Payroll hiring moderates slightly in May

State’s unemployment rate stays at 4.7 percent

Founder, co-owner of The BoxMaker, a Kent company, passes away

David Hill driven to ‘do something different’ as innovative leader

Washington’s average wage tops $65,000 in 2018

Washington’s average annual wage grew by 5.5 percent in 2018 to $65,301,… Continue reading

50 electric buses coming to local transit agencies; $13.3M from VW settlement used to reduce diesel pollution

The number of electric buses rolling through Washington communities will more than… Continue reading

Group buys Kent’s Bryson Square Apartments for $43.2 million

198-unit complex built in 1988 on East Hill

Makerspaces essential solution to job gap | SBA

By Jeremy Field, U.S. Small Business Administration (SBA) When it comes to… Continue reading

Farmers market season opens

Lisa Rasmussen, owner of Designs by Lisa, Inc, above, displays some of… Continue reading