MetLife raises minimum wage for US employees to $20 an hour

MetLife Inc. raises US minimum wage to $20 an hour from $15 as the nation’s largest life insurance company joins the list of companies raising workers’ wages amid a workforce shortage.

The New York-based company said the salary increase comes after investing $10 million to improve training and “career development” for employees. The last pay increase for MetLife in the United States occurred in 2018. The $20 rate will go into effect next month, according to a spokesperson who said the insurance company is hiring, mainly for customer service and operations functions.

“By raising the minimum wage, we offer security and confidence to our people just as we offer our customers,” CEO Michel Khalaf said in a statement on Thursday. “It is our employees who help us deliver on the promises we make, so their well-being is paramount.”

Companies like McDonald’s Corp. and Costco Wholesale Corp. for wage increases this year. Chipotle Mexican Grill Inc. has lifted Her average wage came to $15 an hour in May when it moved to hire 20,000 workers in the US, and Amazon.com also announced plans in May to hire 75,000 people in the US. And Canada with a starting wage that will average more than $17 an hour.