Franklin Savings Bank Raises Minimum Wage In NH To $15

MERRIMACK, NH — Franklin Savings Bank, with an office in Merrimack and a business lending office in Bedford, announced that the bank has raised its minimum wage for all employees to $15. The change became effective Oct. 1.

The wage is double the state's current minimum wage — which, since 2011, has defaulted to the federal minimum wage of $7.50, and is the lowest in New England. In June, Gov. Chris Sununu vetoed Senate Bill 10 that would have re-instituted a NH minimum wage and raised it to $12 by 2020.

"We are in a highly competitive environment, so it is important that our salary and benefit programs continue to evolve to meet the needs of our staff," said Ron Magoon, Franklin Savings Bank President and Chief Executive Officer. "In order to remain successful, we need to retain the best people as well as attract talented individuals who will share our passion for providing our customers with outstanding service."

In addition to the increase in FSB's starting wage, the bank offers a benefits package that includes a bank-funded pension plan, tuition assistance/reimbursement, 401(k) plan with an automatic 3 percent contribution by the bank into each employee's account on each pay date, paid time off, 16 hours of employee-directed volunteer time, gym membership reimbursement, life and medical insurance.

FSB employs 128 employees, of which 37 percent have more than 10 years of service

FSB has offices in Bristol, Boscawen, Tilton, Gilford, Merrimack and Goffstown, as well as the office in Bedford for business lending.