Verizon increases minimum wage to $20 per hour, offers signing bonuses
Pay raise will be applied to both new and existing employees
Verizon is raising its minimum wage to $20 an hour for new and current employees amid a tight labor market, the company announced Monday.
The rate applies to new hires working in retail and customer service, while current employees making less than $20 per hour will receive a pay bump. Any assistant managers who work holidays, Sundays and are bilingual will receive premium pay differentials, Verizon said.
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"These changes are the direct result of employee feedback and will help us remain an attractive employer in this competitive environment," Krista Bourne, chief operating officer for Verizon Consumer Group, said in a statement.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| VZ | VERIZON COMMUNICATIONS INC. | 43.15 | +0.65 | +1.53% |
Verizon is also offering sign-on bonuses for retail specialist and assistant manager positions in some U.S. markets.
"I’m confident these changes will help us attract and retain the very best talent, and allow us to continue to improve our customer experience," Bourne said.
Verizon Wireless retail location in Indianapolis, Indiana. (iStock / iStock)
The announcement comes after other major corporations like Chipotle, Walmart and Walgreens recently raised starting wages for employees.
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Verizon's direct competitor, T-Mobile, raised its minimum wage for all employees to $20 per hour in December 2021.
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"Paying employees a good earning wage as they grow their careers has translated into growth for our company," T-Mobile CEO Mike Sievert said in a news release.