Synchrony Raises Minimum Hourly Wage To $20

STAMFORD, CT — Synchrony, a consumer financial services company based in Stamford at 777 High Ridge Road, announced on Tuesday that they have raised their minimum hourly wage to $20.

The increase will benefit more than 5,000 full-time and part-time employees in the U.S. and Puerto Rico, according to a news release. The raise will begin in August.

The company also committed to fund its 2021 bonus program so that full-time hourly employees would be eligible for a $1,000 bonus.

"Companies have a responsibility to their communities and their employees. Our people are the heart of our business and success,” said Brian Doubles, President and CEO of Synchrony, in a news release. "We offer one of the most competitive wage and benefits programs to attract and retain the best talent. These investments allow us to remain an employer of choice now and for the future."

Synchrony is continuing to expand and evolve for employees, especially in a post-pandemic world. According to a news release, Synchrony recently announced its return-to-office plans, co-designed with its employees. The company is allowing employees, including senior leaders, who want to work from home full-time or part-time the option to do so.

To stay connected, geographic hubs will be available for when employees want or need to meet in-person.

Synchrony offers reduced hours, compressed workweeks and flexible time-off options, as well as increased benefits for working families, offering paid parental leave for 12 weeks and a lifetime maximum fertility benefit of $30,000.

The company also extended emergency child and elder backup care assistance to 25 days and provided enhanced childcare reimbursement for up to 60 days. Synchrony launched an afterschool virtual tutoring program as well as virtual summer experiences for employees’ children designed to educate and engage across a range of topics.

"At Synchrony our values define us and our core beliefs. A culture of caring means continually investing in our people and helping those around us,” said DJ Casto, Synchrony Executive Vice President and Chief Human Resources, in a news release. “We have seen how engaged employees help drive differentiated customer experiences and ultimately strong business results. We are dedicated to offering comprehensive progressive benefits and flexibility to our employees."