Ally Financial Increases Minimum Hourly Wage By 18% To $20

Ally Financial Inc. (ALLY) said Thursday that it will increase its minimum hourly wage to $20 from $17, effective September 13.

The increased minimum wage and related adjustments will benefit more than 2,300 current teammates, the company said.

Ally also announced that all eligible employees will be awarded Ally stock annually through the company's #OwnIt Annual Grant Program. Awarded grants are dependent on the financial performance of the company and evaluation by the company's board of directors; they are expected to be issued annually in January.

Prior to the launch of this annual program, eligible Ally teammates were awarded company stock in both 2020 and 2021.

In addition, Ally noted that it will hire more than 1,000 roles before year end, including approximately 500 roles in technology. Ally will donate up to $50,000—$250 for every technology hire made through December 31, 2021—and split the funds between Women Who Code and Blacks in Technology.

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