Aetna Inc. is boosting the pay of its lowest-earning employees, joining companies like Starbucks Corp. and Gap Inc. in raising wages as the growing U.S. economy leads to a tighter job market.

About 5,700 employees in areas such as customer service and billing will get a minimum of $16 an hour starting in April, Cynthia Michener, a spokeswoman, said in an e-mail. The company also plans to cover more health-care costs for 7,000 workers beginning next year, she said.

The move is a sign that pressure is growing on employers to increase wages as the labor market gets more active. The U.S. jobless rate fell to 5.6 percent in December, the lowest level since June 2008, though wages dropped 0.2 percent from the previous month. Earnings increased 1.7 percent from a year earlier.

Continue Reading for Free

Register and gain access to:

  • Thought leadership on regulatory changes, economic trends, corporate success stories, and tactical solutions for treasurers, CFOs, risk managers, controllers, and other finance professionals
  • Informative weekly newsletter featuring news, analysis, real-world cas studies, and other critical content
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the employee benefits and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.