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re: Bank Of America - Minimum Wage to be $25 hr/50K yr
Posted on 9/20/23 at 10:44 am to East Coast Band
Posted on 9/20/23 at 10:44 am to East Coast Band
If they get rid of tellers then good luck to anybody who wants to work at a bank without a bachelors degree. That seems to be the only way you can get in, getting experience as a teller
0
Posted on 9/20/23 at 10:45 am to GetCocky11
True.
Posted on 9/20/23 at 10:52 am to justaniceguy
It's a pie in the sky dream - if you increase the minimum wage, then minimum prices for EVERYTHING will increase.
If the worker now make $25/hour to make my hamburger - My hamburger will now cost like $10 so that the company can still profit.
Hence no real world gain for anybody. Workers make more, but everything will cost more so they'll still be poor.
If the worker now make $25/hour to make my hamburger - My hamburger will now cost like $10 so that the company can still profit.
Hence no real world gain for anybody. Workers make more, but everything will cost more so they'll still be poor.
Posted on 9/20/23 at 10:52 am to SuperSaint
What was the salary of your first job?
Posted on 9/20/23 at 10:53 am to FuzzyBearE
So should every job pay the same forever?
Posted on 9/20/23 at 10:53 am to FuzzyBearE
quote:
If the worker now make $25/hour to make my hamburger
Why are we comparing fast food workers to bank workers?
Posted on 9/20/23 at 10:55 am to sidewalkside
quote:
To the people complaining about the price these days...The prices of stuff are not coming down.
I can't imagine wearing a suit each day for a job that pays less than $25 an hour. Good for them.
Posted on 9/20/23 at 10:57 am to FuzzyBearE
quote:
It's a pie in the sky dream - if you increase the minimum wage, then minimum prices for EVERYTHING will increase.
And how do you justify your salary? Should it be decreased so that we can enjoy some pennies saved?
Posted on 9/20/23 at 11:00 am to FuzzyBearE
quote:
If the worker now make $25/hour to make my hamburger - My hamburger will now cost like $10 so that the company can still profit.
Burger meals essentially cost that now. They can raise their pay to employees and still rake in billions in profit, but they'll still raise the prices because "wE aRe PaYiNg MoRe".
Posted on 9/20/23 at 11:06 am to SuperSaint
quote:quote:
Bank Of America - Minimum Wage to be $25 hr/50K yr
is that supposed to be a lot?
Should the people that qualify to only make the minimum be expected to make a lot?
Posted on 9/20/23 at 11:06 am to sidewalkside
Every major corporation will do this because they can absorb the cost increase; Smaller businesses cannot, so they will go under or be absorbed. It is simply an extension of the strategy used in lobbying for increased oversight. Smaller business cannot afford the compliance staff that major corporations can.
Posted on 9/20/23 at 11:10 am to Locoguan0
quote:
because they can absorb the cost increase;
You think major corporations will just absorb costs and not pass them on? You think they are willing to accept lower margins for altruistic means?
Posted on 9/20/23 at 11:13 am to GetCocky11
quote:
Dual-income household, both in positions like tellers, both making around $50k would have a $100k household income. You can live on that.
Not when everything you buy will double or even triple in price.
Posted on 9/20/23 at 11:30 am to GetCocky11
quote:
Dual-income household, both in positions like tellers, both making around $50k would have a $100k household income. You can live on that.
The issue is all these whores and deadbeats not having 2 income homes to raise kids in
Posted on 9/20/23 at 11:51 am to SuperSaint
quote:
is that supposed to be a lot?
No baw it's the minimum..
Posted on 9/20/23 at 12:04 pm to Jimbowie397
quote:
Not when everything you buy will double or even triple in price.
Your logic is backwards. Cost of living increased, so companies are giving cost of living pay increases. They aren't eating anything, they're making much more money. More profit, more money to invest in better employees.
Posted on 9/20/23 at 12:06 pm to ConfusedHawgInMO
quote:
Bank Of America gross profit for the twelve months ending June 30, 2023 was $100.489B, a 10.74% increase year-over-year. Bank Of America annual gross profit for 2022 was $94.95B, a 6.55% increase from 2021. Bank Of America annual gross profit for 2021 was $89.113B, a 4.19% increase from 2020.
I feel so bad for them giving their employees a cut of the windfall our shitty economy has provided them
Posted on 9/20/23 at 12:07 pm to Jimbowie397
quote:
Not when everything you buy will double or even triple in price.
Yeah because clearly we price everything based off what minimum wage workers earn. Thats how they are able to buy up all the housing.
You can't equate what a bank pays their employees to prices the same way you can what a contractor pays for labor and material.
This positive publicity may increase the banks stock price by more than enough to offset the wage increase. You may not understand money and wages as well as Bank of America.
This post was edited on 9/20/23 at 12:12 pm
Posted on 9/20/23 at 12:08 pm to sidewalkside
Won’t be anywhere near as many min wage jobs if this happens. Focus will be on automation for the larger employers. In the interim we are adding more input costs which will drive prices higher.
This would be absolute insanity for small businesses attempting to grow, especially in LCOL states.
This would be absolute insanity for small businesses attempting to grow, especially in LCOL states.
This post was edited on 9/20/23 at 12:11 pm
Posted on 9/20/23 at 12:09 pm to BabyTac
quote:
If this is so attractive to you, quit your job and go make minimum wage. Unless you’re already poor, Let me know how that goes.
The people most threatened by lower income raises are usually people who are marginally well off in poor states. Their economic status is the most fragile. Otherwise who would care what they pay the girl at the GAP in DC or the burger guy in Boston?
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