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MetLife Boosts Hourly Wage for U.S. Employees to $20

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New York-based insurer MetLife said Thursday that it is raising its U.S. minimum wage to $20 an hour. 

“By raising our minimum wage, we’re offering security and confidence to our people just  as we do our customers,” said MetLife President and CEO Michel Khalaf, in a statement. “It is our  employees who help us deliver on the promises we make, so their well-being is  paramount.” 

The move builds on MetLife’s 2018 launch of its $10 million Workforce of the Future Development Fund. The insurer which employs over 46,000 individuals worldwide  also has supported specialized training and career path development, it says.

Other firms that have raised wages this year include McDonald’s, Costco Wholesale and Chipotle Mexican Grill, according to Bloomberg. 

In the U.S., MetLife is focused on the sale of group benefits insurance products and retirement plan products and services. For the second quarter, it reported $3.4 billion in net income on $19 billion in revenue, compared with $150 million in net income on $14 billion in revenue for the year-ago period.

(Photo: Michael Nagle/Bloomberg)