SAN ANTONIO – USAA is making two major changes to its employee benefit package in 2017, the company announced Tuesday.
According to a news release, employees will see their minimum pay rise to $16 per hour, or more than $33,000 per year.
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Related: USAA makes 2017 Fortune '100 Best Companies to Work For' list
The financial services provider will begin offering a new parental benefit that will allow eligible new parents with up to 12 weeks of full pay when a child joins the family either by birth or adoption, effective in July.
"These expanded benefits are about creating conditions for our entire team's success," said Mark Reid, USAA executive vice president for human resources. "This helps USAA to bring in and keep a talented and diverse group of people who feel their best, while they fulfill a noble mission -- serving our members and each other."
Beyond wages, USAA offers a wide range of benefits to all employees in all areas of the organization. The most notable benefits include:
- Eligibility for an annual bonus: 16.8 percent for 2016 performance
- Holiday bonus equal to two weeks of pay
- Matching 401(k) plan contribution of dollar for dollar up to 8 percent
- Annual retirement savings plan contribution of between 3 percent and 9 percent, no employee contributions required
- Reduced premiums for health insurance for engaging in healthy behaviors, including eating well, exercising and taking preventive health care actions
- Access to free onsite fitness/health centers and offsite fitness premium reimbursement
- Up to $10,000 a year in tuition assistance to pursue any degrees, regardless of level or field of study
- Time-off policy, including 16 hours a year for volunteering with organizations of an employee's choice
- Healthy food discount of 50 percent at USAA cafeterias
- Flexible work environment, including a growing number of home-based employees and work-from-home options
USAA made Fortune's "100 Best Companies to Work For" list last month.