Synchrony Financial (SYF) said Tuesday that it is raising its minimum wage for hourly workers in the U.S. and Puerto Rico to $20 an hour. The change will be effective in August and affect more than 5,000 full- and part-time workers at the company, according to a release. Synchrony said that it is also funding a bonus program so that full-time hourly workers can be eligible to receive a $1,000 bonus. "We offer one of the most competitive wage and benefits programs to attract and retain the best talent," Chief Executive Brian Doubles said in the release. "These investments allow us to remain an employer of choice now and for the future." Synchrony shares have gained 19.4% over the past three months as the S&P 500 has risen 5.9%.
-Emily Bary; 415-439-6400; AskNewswires@dowjones.com
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