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Tag: minimum wage

Bank of America pledges to raise minimum wage to $25 in the next 5 years

CNN — Bank of America officials said that the banking company will raise it’s hourly minimum wage of its US employees to $25 by 2025. “It costs us a few hundred million dollars a year … but it’s an investment,” the bank’s CEO Brian Moynihan said on Tuesday, adding that It’s about maintaining a “great standard of living for our teammates.” Paying more also helps give people a “career mindset” which can unearth loyalty that benefits shareholders in the long run. Other banks are following suit, but not as aggressively. JPMorgan...

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McDonald’s is raising wages at company-owned restaurants

McDonald’s is the latest restaurant to say it’s raising wages in a bid to attract workers. The company is increasing hourly employees’ pay by about 10 percent, it announced Thursday — but the change applies only to a small percentage of staff. Entry-level employees will earn at least $11 to $17 an hour, the company said in a statement. Shift managers will earn at least $15 to $20 an hour, CNN reports. The company has already started implementing the increases and will continue to roll them out in the months ahead. Hourly wages should reach $15 on average at the restaurants...

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