Maywood, IL - Loyola Medicine president and CEO Shawn P. Vincent has announced that the three-hospital system will voluntarily increase its current minimum wage. Loyola Medicine includes Loyola University Medical Center in Maywood, Gottlieb Memorial Hospital in Melrose Park and MacNeal Hospital in Berwyn, as well as a large network of ambulatory centers.
Valued at an initial annual investment of nearly $3 million, the increase will go into effect on January 5, 2020, boosting the minimum wage at Loyola Medicine to $15 per hour. At present, the current Illinois state minimum wage is $8.25 per hour and will increase to $9.25 on January 1, 2020.
"Our people are our greatest assets," said Vincent. "Offering a higher minimum wage is simply the right thing to do to compensate our colleagues for their hard work and dedication to our mission." Approximately one-third of Loyola's workforce will be affected by the minimum wage increase or by pay increases due to salary compression adjustments.
Loyola Medicine's increase in minimum wage is voluntary and not federally mandated.