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Aetna to increase wages, boost benefits for lowest-paid employees

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Health insurer Aetna Inc. announced Monday it plans to boost the incomes of its lowest-paid workers by as much as a third in a bid to draw top prospects and reduce turnover, The Wall Street Journal reportedEffective in April, approximately 12 percent of Aetna’s U.S. workforce, including those in its wholly owned subsidiary Coventry Health Care Inc., will see an increase to a minimum $16 an hour. Next year, the company will also let workers with household income below a certain threshold choose health coverage with lower out-of-pocket charges without paying more in monthly premiums. Aetna CEO Mark Bertolini cast the moves as a bid to remain competitive with other insurers. The company, which projects an operating profit of $2.4 billion this year, said the pay and benefits changes will cost $14 million this year and $25 million in 2016.