11 Palau employees benefit from BOH salary increase
By Rhealyn C. Pojas
Eleven employees of the Bank of Hawaii (BOH) – Palau branch begin 2018 on a good note with the recent minimum salary increase of $15 per hour which was implemented by the bank’s management in its branches.
The raise in the salary followed after the announcement made by Bank of Hawaii Chairman Chief Executive Officer Peter Ho in late December that they are imposing the wage increase beginning January 2018.[restrict]
United States President Donald Trump’s signing of the Tax Cuts and Jobs Act on December 22, 2017, a law that lowers the corporate tax rate from 35 percent to 21 percent, had prompted the bank’s management to increase the salary of its employees as the said law will save companies money now that income taxes are lowered.
Through House Joint Resolution No. 10-23-5, the 10th Olbiil Era Kelulau (OEK) commended BOH for increasing the salary of its employees and even urged other US-based companies engaging in a business venture here in Palau to also consider “the benefits of a strong U.S. market and recent favorable adjustment to the U.S. corporate tax code.
“The dramatic increase in wages for Bank of Hawaii employees will bring stronger buying power and benefit Palau’s economy as families have extra income to support themselves and their communities,” the resolution reads.
The OEK also recognized the contribution made by the bank in the country by conducting financial education activities among elementary and high schools here.
OEK presented a copy of the resolution to BOH yesterday at its branch in Palau which commends the management for its decision to raise the minimum wage of its employees.
Senate President Hokkons Baules and Speaker Sabino Anastacio, who were among the presentors of the resolution, said that they applauded the Bank of Hawaii for its generous decision to reward their employees with the salary increase and bonuses.
“We hope that other US corporations in Palau would follow Bank of Hawaii’s suit.”
Christina Michelsen, General Manager of Bank of Hawaii – Belau Branch, also said that their employees are very happy with their corporate office decision to increase their salaries along with all other Bank of Hawaii branches.
“We were told of the corporate decision but we thought it did not include us but our main office called and said that all branches were included.,” Michelsen said.
“I wasn’t expecting the resolution from OEK and I am so happy that both Senate President Baules and House Speaker Anastacio came to present it. I am definitely sending one copy to the President of the Bank.” (With reports from L.N. Reklai) [/restrict]