Bank of America to raise minimum wage to $20 an hour by 2021

[Zorro]

Source: Washington Post

Bank of America said Tuesday that it would raise its minimum wage to $20 an hour by 2021, a move that comes a day before banking industry leaders are scheduled to be grilled on Capitol Hill on their record profits a decade after the financial crisis.

The pay increase will affect all of the Charlotte-based bank’s more than 200,000 employees, the bank said.

Bank of America’s announcement comes as Democratic lawmakers push legislation to raise the federal minimum wage from the current $7.25 to $15 per hour by 2024 amid a tight labor market. Workers are receiving the largest wage increases since the Great Recession as employers struggle to find enough people to fill their ranks.

“The job market is very healthy, and this is one way to help employee retention,” Ken Leon, director of equity research at CFRA Research, said of Bank of America’s announcement.

Read more: https://www.washingtonpost.com/business/2019/04/09/bank-america-raise-minimum-wage-hour-by/

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It's a start.

[at140]

1. All my lazy brothers-in-law

Have found jobs! No more lending them money, at least until they are laid off.

[Hulk]

2. Twenty bucks used to be a lot of money...

I'm amazed at how expenses up north have gone into hyper-inflation. Grew up in Portland, OR, and got gentrified out of the area recently, as rentals have gone up every year by at least 10% to where I can't afford a two bedroom ranch any longer. Utilities are ridiculous. Wifi and cable are a monopoly that has the either "you pay up or cut service" mentality. Going out to eat is going to eat up a $20 at a fast food drive through, and anything in a sit down restaurant is at least double that.

Yup...I'm from the generation where we had the nickel Hershey bar and two for one malt balls. But that same bar is costing an even dollar, and it's smaller than the old nickel bar. Roads are in poor repair and the population density is insane. Freeways are moving at 5-25 mph at just about any time of day now.

Twenty bucks isn't anything anymore. It equates to what $10 bought just a few years ago. I'm happy where I'm at...central Mexico. Here I can enjoy a comfortable life and enjoy the great food and weather on a daily basis. I feel bad for those struggling to make it up north. Seems every cent they earn goes into housing and utilities. Living check to check is no way to live. It's really a sad day, in my humble opinion for the average working stiff in this country. Of course, there are those fortunate to be in technology or some other field where they are paid a good wage and can enjoy all those expenses without batting an eye.

[MichMan]

4. How do you feel about those struggling to make a living in Mexico?

Pretty sure few Mexican workers that you encounter on a regular basis are making the $20 per hour that you claim isn't anything anymore. Remember, living check to check is no way to live right?

[Hulk]

13. Always somebody...

Don't think I ever said, or intended to say, that $20 an hour wasn't anything. It amazes me that some folks just enjoy projecting their thoughts into somebody else's message. The point was $20 has become a bill that isn't at all what it was not so long ago.

How do I feel about those struggling to make a living in Mexico? I'm not even sure where to go with that statement. A lot more living in poverty down here that above the Rio Grande, but again, I'm not even sure what your point was or care.

And finally, living paycheck to paycheck is a lousy way to live. Never getting ahead of the game, half the country has less than $1000 in the bank to deal with emergencies. I feel the same way for the struggling poor down here as I do up there.

Pointless response.

[TexasBushwhacker]

5. $20 an hour is liveable in many places

I figure a 1 BR apartment should cost a week's wages or less. Can I get a 1 BR in Houston for $800? Yes. In an older complex I can get a 2 BR for under $1000.

[Hassin Bin Sober]

7. I doubt BofA made the employees tax exempt.

[TexasBushwhacker]

8. Nevertheless, a $20 an hour MINIMUM wage is livable

and almost triple the current minimum wage.

[Polybius]

12. If rent costs lest than a week's pay, you're very well off

They say anything two week's pay or less is good for rent.

[Hulk]

14. $20 an hour is a livable wage.

Not refuting that at all. Roughly $50K a year is decent. I was referring to the $20 bill as being a fraction of what it used to be not so long ago.

I can find a 1BR apartment up north for around $800, I suppose, if I wanted to move into a shady neighborhood where I'd be afraid to walk outside after dark. Haven't lived in an apartment since I was married, nearly 50 years ago. Would if I had to, but not something I would be excited about.

Used to be that 25% to 33% of your earnings was a guideline for rent or mortgage. Not possible anymore.

Point is, $20 an hour is definitely a decent wage. $50K+ a year would be decent annual income. I'm not sure how this all devolved into a discussion of apartment rent?

[TexasBushwhacker]

17. I used rent because housing is most folks

largest fixed expense.

[Polybius]

11. You're over-estimating a lot of the costs

As someone who's in the 6-foot 180 pound range, you certainly don't have to spend $20 on fast food. I go every few months, and get get full on $8-$10 in McDonald's, Wendy's, Taco Bell, Popeye's, etc. Here in NYC, we also have a lot of Halal stands. $6 or $7 for a lamb over rice.

Anything in a sit-down restaurant is "at least double that?" Totally false. There are many dinners in the $12 to $15 range, especially in all of the chain restaurants and diners. No one is forcing you to get the lobster dinner in a 5-star restaurant.

I live in NYC, and could live on that without any issues at all. If I lived somewhere like Alabama or the Mid-West, I'd be loaded on $20 an hour.

[yaesu]

3. everything is going self serve in the banking industry just like it is in the retail industry

don't think there will be a lot of hourly jobs left for this policy to really mean that much. Most will be office, salary jobs.

[Hassin Bin Sober]

9. I used to think so too. But then Chase put a retail branch on every corner.

No more banks with a row of 10 tellers. But 10 branches with one or two tellers - always occupied by a cabby turning in stacks of singles and someone else apparently without internet asking for “all their balances” while I’m trying to deposit checks.

[catsudon]

6. my take away is

this is a brilliant move after what is going on with wells fargo, they are going in for the kill

[LuckyLib]

10. B of A -- one of our country's long-standing criminal enterprises.

[RB TexLa]

15. And if the rest of the financial industry follows

We will know who to blame for wage created inflation. Much harder to correct than commodity created inflation. Usually takes big, big hikes in central bank lending rates.



Wow I got a 6% raise.


Inflation is at 8%? Ohhh

The prime lending is at 12%? OHHHH

A new car loan is 7% with excellent credit? OHHHH OK

[hughee99]

16. This is good news, but I'm curious as to how many hourly workers they have making

minimum wage now (or at least less than $20 an hour). I'll be honest, I have no idea what the pay scale looks like for BoA employees.

[GulfCoast66]

18. You think they actually hire those cleaning their bathrooms, floors and windows?

Or those cutting their grass and taking care of their plants?

Of course they don’t...it’s contracted out. And those folks will still be lucky if they make $12 an hour.

And there is a pretty good chance their custodians and landscapers have unauthorized aliens among them. They are luck to get $10 an hour.