bank of america announced tuesday that it would raise starting pay for bank employees in the us to $20 an hour in the next two years, a huge jump from the current $15 hourly rate. bank of america said tuesday that the raise was a way to thank employees for their hard work, and while this may be true, the reality is that banks need to raise wages to keep growing. right now, low-skilled workers are in high demand, and these are exactly the type of workers bank of america and jpmorgan chase need to staff all the new branches they plan to open across the country. about 2.1 million people work at banks across the country, a number that hasn’t really changed in the past decade, according to data from the federal deposit insurance corporation. most will open up in the washington, dc, area, and about a third of those will be in low- to moderate-income communities.
the company said last year that it planned to open 500 branches across the country, in areas such as cleveland and lexington, kentucky. all these new perks for the lowest-paid workers at america’s largest banks point to a broader trend in the us economy: workers have more leverage than ever. they didn’t have to try too hard to find workers because the number of people looking for work each month has been higher than the number of available jobs. nearly every industry now has a labor shortage, but here’s the twist: employers are having a harder time filling blue-collar positions than professional positions that require a college education. this means that for once, low-skilled workers have the most leverage in the current labor market. and bank of america is betting that $20 an hour and extra paid parental leave will be enough to win over workers and entice them to stay.
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