RIVERWOODS, Ill.--(BUSINESS WIRE)--Discover today announced plans to raise its minimum hourly pay rate to $15.25 for virtually all of its full-time U.S. employees as a result of the recent corporate tax reductions after granting a $1,000 bonus to more than 15,000 non-executive employees earlier this month.
The new minimum rate will take effect later this year and ultimately will impact more than 7,000 employees.
The company plans to make additional investments in its people and will increase corporate responsibility efforts in the communities in which it operates.
“Discover employees are the heart of the company and make up the core of our award-winning customer experience and continued business success,” said David Nelms, Discover’s chairman and CEO. “Investing in them and in the places we live will make our workplaces and communities stronger.”
Discover’s investment in its employees already includes benefits such as maternity and paternity leave, 20 to 25 days of paid time off in their first calendar year, tuition reimbursement, professional development opportunities, employee resource groups, health clubs, on-site medical clinics and the same healthcare plan as senior executives. Each of its major locations in Arizona, Delaware, Illinois, Ohio and Utah has been individually recognized among the top places to work in their respective regions. Discover is the only major credit card issuer with 100% U.S.-based customer service.
The company is committed to helping people achieve brighter financial futures. It does so through its flagship Pathway to Financial Success program, which provides personal finance instruction to high schools across the country, support for education and donations to organizations serving the needs of the community. Its employees provided more than 50,000 hours of volunteer time in company-sponsored events last year.
Discover Financial Services (NYSE: DFS) is a direct banking and payment services company with one of the most recognized brands in U.S. financial services. Since its inception in 1986, the company has become one of the largest card issuers in the United States. The company issues the Discover card, America's cash rewards pioneer, and offers private student loans, personal loans, home equity loans, checking and savings accounts and certificates of deposit through its direct banking business. It operates the Discover Network, with millions of merchant and cash access locations; PULSE, one of the nation's leading ATM/debit networks; and Diners Club International, a global payments network with acceptance in more than 185 countries and territories. For more information, visit www.discover.com/company.