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Aug. 19, 2021, 11:13 a.m. EDT

MetLife raises minimum wage to $20 an hour

MetLife Inc. (NYS:MET) said Thursday that it is raising the U.S. minimum wage to $20 an hour, as the financial services and insurance company increases its investment in its employees. "By raising our minimum wage, we're offering security and confidence to our people just as we do our customers," said Chief Executive Michel Khalaf. MetLife's new minimum wage is compares with the $15 minimum wage recently instituted by many other companies in different sectors, including CVS Health Corp. (NYS:CVS) and Coach-parent Tapestry Inc. (NYS:TPR) , while Synchrony Financial (NYS:SYF) also raised its minimum wage to $20 an hour. MetLife's stock, which fell 1.5% in morning trading, has run up 27.9% year to date, while the SPDR S&P Insurance ETF (PSE:KIE) has tacked on 15.9% and the S&P 500 (S&P:SPX) has gained 17.1%.

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