ISELIN, N.J., July 11, 2018 /PRNewswire/ -- Building on its commitment to its employees, Provident Bank, a leading NJ-based financial institution, today announced significant wage and benefit enhancements designed to assist employees and make the bank more competitive in the tight labor market.
In response to the growing student loan crisis, the bank is implementing an important new benefit called the Student Loan Paydown Program. This timely and innovative benefit is designed to assist employees who are burdened with student loan debt. Through the program, the bank will help eligible new and existing full-time employees pay down their student loan debt by making direct contributions to employee student loan accounts.
"We are keenly aware of the challenges many of our employees face with student loan debt. The Student Loan Paydown Program will help to alleviate the concerns many of our employees have with re-paying their student loans," said Janet Krasowski, EVP, Chief Human Resources Officer.
In addition, to assist the bank in its recruitment and retention efforts, beginning July 1, 2018, eligible hourly employees who earn less than $15 an hour will see their hourly wage increase to $15. Furthermore, all new hourly employees will receive a wage of at least $15 per hour.
To assist employees with continuing their education, Provident is also expanding its current tuition reimbursement program to include Master's Degree business programs. Eligible employees will receive up to $500 per credit for graduate-level courses, up to 12 credits per year, with a total cap of $15,000.
"These enhancements reflect our ongoing commitment to our employees. We value their hard work and dedication, and believe by raising our hourly wage and providing additional benefits, we are investing in the future of the organization," said Chris Martin, Chairman, President & CEO, Provident Bank.
"Our success rests in retaining and hiring employees who have the greatest potential to exceed expectations, while developing and rewarding them appropriately so they may reach their individual potential," Krasowski added.
About Provident Bank
Provident Bank, a community-oriented bank offering "Commitment you can count on" since 1839, is the wholly owned subsidiary of Provident Financial Services, Inc. (NYSE:PFS), which reported assets of $9.73 billion as of March 31, 2018. With $6.76 billion in deposits, Provident Bank provides a comprehensive suite of financial products and services through its network of branches throughout northern and central New Jersey and eastern Pennsylvania. The Bank also provides fiduciary and wealth management services through its wholly owned subsidiary, Beacon Trust Company. For more information about Provident Bank, visit www.provident.bank or join the conversations on Facebook (ProvidentBank) and Twitter (@ProvidentBank).
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SOURCE Provident Bank