The $22 hourly rate is more than triple the federal minimum wage of $7.25, which lawmakers last increased in 2009.
Bank of America workers are getting a pay bump at the end June when minimum wages climb to $22 as a part of the major bank’s longstanding plan to get its starting rate to $25 by 2025.
It’s good news for the bank’s workers at a time when inflation keeps increasing the cost of living. Bank of America BAC has almost 166,000 U.S. employees and approximately 15% will see larger paychecks due to the minimum wage increase, a spokeswoman said. An estimated 51.9 million American workers are earning less than $15 an hour, according to Oxfam, a global poverty charity. There are more than 150 million non-farm employees working in America, according to Bureau of Labor Statistics data compiled by the Federal Reserve’s Bank of St. Louis.“Bank of America announced the increase from $21 on the same day gas prices broke a new national average record yet again.
In 2022, workers were poised for minimum wage hikes in 25 states. California reached $15, the highest statewide minimum wage, though Seattle, Wash., set its rate at $17.27. That still leaves a large swath of states where the minimum hourly pay is $7.25 due to state law or application of federal law, according to the Department of Labor.
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
Ancient ICO Scam Wallet Suddenly Activated, Pulling Out $22 Million of FundsSparkster ICO scam wallet is currently trying to withdraw $22 million worth of users' funds with $USDC, as zachxbt reports
Baca lebih lajut »
How Texas couple won 2-year battle against Bank of America over credit card fraudA Texas couple won a two year battle against Bank of America over fraudulent credit card charges. The victory did not come easy.
Baca lebih lajut »
Silver Price Analysis: XAG/USD bulls looking to seize control near $22.00 markSilver attracted fresh buying on Monday and inched back closer to last week's swing high, albeit struggled to capitalize on the move beyond the $22.00
Baca lebih lajut »
Czech central bank chief: rates likely to rise in June if forecast confirmedThe Czech central bank will likely raise interest rate further in June if data from the economy are in line with the bank's latest macroeconomic forecast, Governor Jiri Rusnok said on Sunday.
Baca lebih lajut »
How to Throw the Ultimate Backyard Bash—Without Breaking the BankActress JoAnna Garcia Swisher has some fun tips for summer entertaining.
Baca lebih lajut »
5 years after Hurricane Harvey billions of relief dollars remain in the bank - What's Your Point?5 years later and billions of dollars in relief aid sits in the bank - What's Your Point?
Baca lebih lajut »