A number of years in the past, a handful of U.S. cities debated elevating their minimal wage to $15. On the time, there was fierce debate about whether or not such a transfer would wreck native economies.
Instances have modified. Such controversy appears quaint in an period the place many firms have blown previous a $15 beginning wage in an try to seek out staff in a extremely aggressive market.
In actual fact, some firms are actually dangling $20 an hour or extra in hopes of attracting extra staff. Following are 5 firms which have not too long ago hiked their beginning pay to that magic quantity, or that quickly will.
Financial institution of America
In terms of elevating beginning pay, few can prime Financial institution of America. Lately, the corporate introduced that it’ll hike its minimal hourly wage to $22 on the finish of June. A full-time entry-level gig at BOA now nets you greater than $45,000 yearly.
And it doesn’t finish there. The corporate plans to hike beginning pay to $25 an hour by 2025.
Fifth Third Financial institution
Fifth Third is one other financial institution the place wages are marching larger. On July 4, its minimal wage will bounce to $20 an hour.
To rejoice, Fifth Third additionally will give raises to the employees on the first 4 job ranges above the financial institution’s minimal wage. Meaning greater than 40% of Fifth Third staff will quickly see fatter paychecks.
In April, Verizon introduced it was mountain climbing its minimal wage for brand spanking new staff to $20 an hour for customer support staff. As well as, retail and inside gross sales staff additionally begin at $20 an hour whenever you mix base wage and goal fee.
Anybody making lower than $20 in these departments additionally received an computerized elevate to the upper quantity.
In March, broadband firm and cable operator Constitution Communications raised its beginning wage to $20 an hour — together with goal commissions — for all staff.
Like with different firms on this record, the Constitution improve was a part of a broader plan to hike wages on the firm that dates again a number of years, with gradual pay hikes alongside the best way.
In December 2021, T-Cellular raised the minimal wage for all staff to $20. The corporate says the “overwhelming majority” of its staff already earned no less than that quantity previous to the transfer.
Hoping to lift your wage? Try “8 Tricks to Negotiate Your Wage.”
Disclosure: The data you learn right here is all the time goal. Nonetheless, we typically obtain compensation whenever you click on hyperlinks inside our tales.