Magazine article HRMagazine

Big Companies Raise Wages for Low Earners

Magazine article HRMagazine

Big Companies Raise Wages for Low Earners

Article excerpt

JPMorgan Chase's lowest-paid workers-including bank tellers and customer service representatives- are slated to get a raise this month, according to Jamie Dimon, the company's chairman and chief executive.

"Our minimum salary for American employees today is $10.15 an hour," Dimon recently wrote in a New York Times op-ed. "Over the next three years, we will raise the minimum pay for 18,000 employees to between $12 and $16.50 an hour for full-time, parttime and new employees, depending on geographic and market factors."

JPMorgan's news follows similar, highly publicized wage-raise actions by Starbucks and Wal-Mart, among other national employers. Meanwhile, legislators in many states and localities, some of which have minimum-wage rates that are already significantly above the current federal minimum of $7.25 per hour, are moving to increase them higher still. Most significantly, California and New York have adopted a $15 minimum wage, to be phased in over the next few years. …

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