Bank of America Raising Entry-Level Pay to $20 Per Hour
It's strange when you see companies voluntarily raising their wages with no urging from the government. Unfortunately, it seems that the gap between what employees make and what they need to survive has become something even corporate america can't ignore. At least, that's the stance Bank of America is taking. According to US News and World Report, the banking giant has announced that it will be increasing the minimum wage it will offer employees to $20 per hour by 2020. The increase will ramp up over the next 2 years starting this May when the lowest wage they offer will jump to $17!
Back in 2009, Uncle Sam weighed in and said that you had to pay at least $7.25 per hour to employees in the U.S. For 10 years, that number has remained static even though the cost of living has risen dramatically. For example, the average price of rent for an unfurnished apartment in the the United States has risen from $1064 in 2009 to $1492 in 2017 (surely higher in 2019) - while the amount entry-level workers are bring home remains unchanged.