On JPMorgan Chase Announcing Raises for Its Lowest-Paid Workers

Following is a statement from Christine Owens, Executive Director, National Employment Law Project:

“For low-wage workers across the country, any boost in income is necessary and important, so today’s announcement by JPMorgan Chase that it will raise the hourly wages of its lowest-paid employees to between $12.00 and $16.50, phased in over three years, is good news.

“More money in these workers’ paychecks means more to spend or save to support themselves and their families and more to pump back into their local economies.  So we commend the bank for this action—and urge it to do more.

“Indeed, Chase and the banking industry can and should do more.  Amalgamated Bank and insurance giants Aetna ($16.00), Allstate, and Nationwide have all announced larger increases to $15 or more throughout the country; growing numbers of companies are answering the call of the Fight for $15.  JPMorgan Chase and other leaders in this highly profitable multi-trillion-dollar industry should join them and guarantee a minimum wage of at least $15 today.

“It’s scandalous that 30 percent of retail banking employees—including three-quarters of the nation’s bank tellers, most of whom are women—earn less than $15 per hour.  In New York State, where more than half of bank tellers are paid less than $15, two of every five families of bank tellers must rely on some form of public assistance to make ends meet.

“Immediately raising starting pay to $15 an hour is a manageable and critical first step toward ending working poverty and ensuring that all who work for a living can make a decent living from work.”

DOWNLOAD THE REPORT:  A $15 Minimum Wage for Bank Workers

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