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Wells Fargo to increase hourly pay for Minnesota workers to $16

The pay bump comes into effect in late 2020.

Workers at Wells Fargo banks and offices in Minnesota will be paid at least $16-an-hour starting at the end of 2020.

A new minimum wage rate has been announced by the banking giant, which will range from $15 to $20 an hour depending on where the employee lives.

For example, workers in the expensive-to-live cities of New York City and San Francisco will get $20-an-hour. In the Twin Cities and Minnesota cities such as St. Cloud, Duluth and Rochester, the rate will be $16.

"Companies have an obligation to help communities and employees reach their potential. An important part of this is ensuring we are doing our part to pay employees at a rate which recognizes the difference in cost of living across the country," said CEO Charlie Scharf. 

"Our employees are our most valuable resource, and these pay increases are just one way we are investing in our people and ensuring that Wells Fargo continues to be a great place to work."

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The pay bump will impact more than 20,000 Wells Fargo workers, and follows the bank already increasing its minimum hourly base pay to $15 in March 2018.

Wells Fargo also announced it would be taking action on healthcare benefits too, lowering of keeping premiums flat for 70 percent of its employees.

The bank is the second largest in Minnesota, and as of late 2018 employed 19,000 staff in the state, though there have been several rounds of job cuts since then.

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