Bank of America accelerates timeline for $20 minimum wage

dhita yudha

White House economic adviser Larry Kudlow on $20 minimum wage. Bank of America on Monday pledged to raise its minimum wage to $20 per hour more than a year ahead of schedule. In a press release, the company said it would move to $20 per hour by the first quarter […]

Bank of America on Monday pledged to raise its minimum wage to $20 per hour more than a year ahead of schedule.

In a press release, the company said it would move to $20 per hour by the first quarter of 2020. As previously reported by FOX Business, Bank of America had promised to move to a $20 minimum wage by 2021.

“As part of our commitment to being a great place to work, we are saying thank you, and sharing our success with our teammates who serve our clients and communities every day,” Sheri Bronstein, chief human resources officer at Bank of America, said in a statement.

The company’s current minimum rate is $17 per hour.

Since 2010, the bank has raised its minimum wage by more than $8 per hour.

CITIGROUP RAISES MINIMUM WAGE TO $15 FOLLOWING POLITICAL PRESSURE 

MCDONALD’S ENDS ITS FIGHT AGAINST MINIMUM WAGE HIKES

As Democratic lawmakers push a national $15 minimum wage rate, companies across many sectors have come under pressure to raise pay for entry-level workers.

Citigroup raised its minimum wage to $15 per hour in June, after coming under fire for having the most expansive pay gap of all the major U.S. banks.

JPMorgan’s minimum wage is $16.50 per hour, with rates as high as $18 in some cities. Wells Fargo has implemented a $15 minimum wage.

CLICK HERE TO READ MORE ON FOX BUSINESS

Source Article

Next Post

Deloitte Launches US Legal Business Services

NEW YORK, July 13, 2020 /PRNewswire/ — Deloitte today announced the launch of its Legal Business Services practice in the U.S., a comprehensive suite of legal management consulting and technologically-enabled legal managed services for corporate legal departments designed to accelerate the transformation of the business of law. The U.S. launch is […]