This bank just hiked its minimum wage to $15

Not only did they raise their employees wage, but they're challenging the rest of the banking industry to follow suit:

Amalgamated Bank announced Thursday that it will raise its minimum wage to $15 an hour.The change will affect all employees, take effect immediately, and be retroactive to July 1. Amalgamated encouraged other financial institutions to "join the 'Fight for 15.'"

"We're fortunate enough to be part of the wealthiest industry in America, so I'd hope others in the financial industry will follow," Amalgamated Bank CEO Keith Mestrich told CNNMoney. "It's the right thing to do for people who work in our industry."

The decision to increase the bank's minimum wage was the result of collective bargaining with bank employees and also coincided with a study from the National Employment Law Project. The study found that 74 percent of all bank tellers and 44 percent of all customer service reps in the country make less than $15 an hour. In contrast, many bank executives make millions of dollars annually.

source

a reply to: AlaskanDad

I have no problem with a bank deciding to raise the pay of their employees. However, I have a problem with government dictating employee pay in a free market.

FTA:

Mestrich added that while cities like Seattle, San Francisco, and Los Angeles are raising the minimum wage to $15, those increases are being rolled out gradually.

Amalgamated also agreed to give all workers a three percent wage hike every year

All workers!

a reply to: AlaskanDad

I suspect they are trying to attract a higher quality lower level employee.

originally posted by: AlaskanDad
FTA:

Mestrich added that while cities like Seattle, San Francisco, and Los Angeles are raising the minimum wage to $15, those increases are being rolled out gradually.

Amalgamated also agreed to give all workers a three percent wage hike every year

All workers!

Kind of sad in a way when you look at the particulars. No one could survive on $15.00 and hour in San Francisco or Seattle. Unless maybe if they lived in their car. But truthfully, can anyone making $15.00 an hour find a car to buy in California?

I always thought people at the bank made good money already, guess I was wrong. It's a good move I think. If companies want to see higher profits then it makes sense to pay the workers more sense they are the ones who will be buying the products. The more people make the more they spend, it's a win win for everyone.

a reply to: RealTruthSeeker


Tellers and some operational staff don't make that much.

originally posted by: Edumakated
a reply to: AlaskanDad

I have no problem with a bank deciding to raise the pay of their employees. However, I have a problem with government dictating employee pay in a free market.

Especially for minimum skills jobs. Like burger pimping.

a reply to: UFGarvin

Kind of interesting as both take money and count back change. A burger flipper has to work the grill and the deep fry too, which is much more dangerous work then a being a bank teller.

Well if anybody can afford it, it's the banks.

a reply to: xuenchen

I was a bit surprised that:

74 percent of all bank tellers and 44 percent of all customer service reps in the country make less than $15 an hour.

Wow that's just sad!

ex was quuted from OP

originally posted by: AlaskanDad
a reply to: xuenchen

I was a bit surprised that:

74 percent of all bank tellers and 44 percent of all customer service reps in the country make less than $15 an hour.

Wow that's just sad!

ex was quuted from OP

Being a bank teller is a fairly low skilled job, but you do need the people to be somewhat polished. Tellers are being replaced by ATMS for the most part. Kind of surprised many don't make at least $15/hr though.

a reply to: AlaskanDad

This is how it should be done.