PNC gives cash to employees

PNC Financial Services Group, following the signing of the tax reform bill, last week announced it will provide a $1,000 cash payment to about 47,500 employees in the first quarter of the new year and provide an addition $1,500 for employees in the bank’s defined benefit pension plan.

PNC will also raise its minimum pay rate to $15 an hour by the end of 2018 and make a $200 million contribution to the PNC Foundation to support early childhood education.

“The tax reform law creates an opportunity to reward our employees who are working hard each day to serve our customers, build strong relationships in our communities and create long-term value for our shareholders,” said CEO William S. Demchak.

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