In its board meeting yesterday, January 23, the Board of Directors of Happy State Bank voted unanimously for a significant wage and benefit increase for employees of the company as a direct result of the new tax reform legislation. The announcement was made by Board Chairman and CEO, J. Pat Hickman.
The wage increases directly impact over 600 of the bank’s 700+ employees.
The highlights of the new program are:
- Happy State Bank has a new starting minimum wage of $13.50 per hour…increasing to $14.00 after a 90-day probationary period.
- Present employees currently earning less than $14.00 per hour will be increased to this amount immediately.
- Employees currently earning between $14.00 and $17.50 hourly will receive an approximate $0.50 hourly wage increase.
- Salaried employees making less than $18 hourly will receive a $1,000 annual increase.
- Full-time employees making up to $100,000 (and not in the above categories) will receive a one-time $1,000 bonus or $500 bonus if part-time.
- The KSOP Retirement Plan dollar-for-dollar company match will increase from 6% to 7%, which benefits every employee that participates to that level.
“Our board is really excited to pass a major portion of our bank’s tax benefit over to our employees. For many of our employees, the raise will be life-changing. All told, these increases will impact 80% of our 700+ employees. It’s a win-win for everyone. Obviously, we’re all pretty happy around here,” stated Hickman.