OceanFirst Financial Corp., the holding company for OceanFirst Bank, announced Friday it will raise the bank’s hourly minimum wage to $15 within 30 days of enactment of the federal Tax Cuts and Jobs Act, which makes changes to the curerent tax code for individuals and businesses.
The bill has been approved by Congress and is expected to be signed into law soon.
More than 135 OceanFirst Bank employees are expected to benefit from the increase, with some increases that could be as high as 33 percent, the company said in a press release.
“The Company has a unique opportunity to show our appreciation for the contributions of our hourly wage employees,” Chairman and Chief Executive Officer Christopher D. Maher said in the release.
He said the organization chose to invest in its employees because it believes dedicated employees are the foundation for a successful company.
The minimum hourly wage for OceanFirst Bank employees is already above the New Jersey minimum hourly wage of $8.60, which will be effective Jan. 1, the company said.
OceanFirst Bank, founded in 1902, is a community bank with $5.2 billion in assets and branches located throughout central and southern New Jersey. It is the largest and oldest community-based financial institution headquartered in Ocean County, the company said.