New Jersey-based Provident Bank has increased its employees’ wages and benefits, making itself more competitive in the labor market.
Beginning July 1, Provident Bank is now paying eligible hourly employees and new hourly employees at least $15 per hour.
Provident is also expanding its current tuition reimbursement program to include master’s degrees business programs. Eligible employees will receive up to $500 per credit for graduate-level courses, up to 12 credits per year, with a total cap of $15,000.
The bank is implementing an important new benefit called the Student Loan Paydown Program to assist employees who are burdened with student loan debt. The bank will help eligible new and existing full-time employees pay their student loan debt by making direct contributions to employee student loan accounts.