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Popular Inc. will raise minimum salary to $13/hour starting in January ’22

Popular Inc., parent company of Banco Popular de Puerto Rico, will raise the minimum hourly base salary for 68% of its workforce, company CEO Ignacio Álvarez announced during its “Popular Connects” town hall meeting.

The hourly base salary in Puerto Rico will increase to $13 in January 2022 and to $15 in January 2023.

“Our people are our most important asset. You are fundamental to our success. For this reason, attracting and retaining the best talent in our markets is a priority and we recognize the importance of compensation as part of your overall satisfaction at Popular,” said Álvarez in a letter sent to employees via email, which was shared with News is my Business.

Employees will receive additional information regarding this development in coming weeks.

“Given the positive performance trends and outlook, this year we were able to reverse the difficult, but necessary, actions we took last year to mitigate the adverse impact of the pandemic on our results, honoring my commitment to do so as when prudent,” he said.

Other benefits granted to employees recently were the restoration of the full match in their Savings and Investment Plan and individual component of incentives, as well as “healthy” merit increases.

“The increase in the hourly base salary represents another important step in our efforts to compensate your hard work and dedication. Along with other significant investments in your professional development and financial, emotional, and physical well-being, it evidences our commitment to providing an environment where you thrive,” Álvarez said.

Author Details
Author Details
Business reporter with 29 years of experience writing for weekly and daily newspapers, as well as trade publications in Puerto Rico. My list of former employers includes Caribbean Business, The San Juan Star, and the Puerto Rico Daily Sun, among others. My areas of expertise include telecommunications, technology, retail, agriculture, tourism, banking and most other segments of Puerto Rico’s economy.

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