If there’s one big issue which every worker in the USA faces then it’s hourly wage rate which they get from employers. However, there’s a piece of good news if you’re working for Bank of America or willing to in future because recently the executives said that they have decided to increase hourly wage rate of the bank to $20 over next two years. The company earlier said that they are going to pay an increased wage rate of $17 from May 1st to its employees. Bank of America currently employs more than 200000 people which means many people will be happy to see the salary getting increased with such a right margin.
Now many workers from different industries are protesting against the traditional system of paying wages to them because according to some group of workers to live a decent life they need a right paying scale also. Now without getting protest or anything Bank of America has surprised its employees with such a piece of great news. Recently CEO Brian Moynihan said that if you work for Bank Of America, then you will be earning at least $41000 per year. Currently, many big banking companies are trying to improve their position also that’s why they have come together to fix the issue of raising wage rate.
Banks earned a considerable amount of money in 2018 because of the massive cut of taxes done by Republicans. Since the 2007 financial crisis, the government is trying to improve situation and giving the right amount of subsidies in terms of tax benefits to banks. However, now since issue of raising wage rate has become national topic banks are also getting targeted by socialists politicians. JP Morgan Chase has already mentioned in its letters to shareholders that the company is willing to increase its wage rate which is good news for those who are working in banking sector.
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