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Bank of America contributes to increased inflation by increasing min wage to $24 an hour
Posted on 9/13/24 at 1:56 pm
Posted on 9/13/24 at 1:56 pm
LINK
Today, Bank of America announced that it has raised its U.S. minimum hourly wage to $24 per hour, the latest step in the company’s commitment to $25 by 2025. With the increase, the minimum annualized salary for full-time employees in the U.S. will rise to nearly $50,000. The increase applies to all full-time and part-time hourly positions in the U.S.
This 'progressive' sorry excuse for a bank is knowingly and deliberately contributing to the inflationary pressures all around us, and overpaying incompetent, under-educated employees whose customer service skills are non-existent, and ability to balance an account equally bad.
If you're banking with BOA, WHY?!?! Vote with your dollars and accounts.
20
Posted on 9/13/24 at 2:15 pm to conservativewifeymom
Just wait until the job or hours reductions come up in the media. Payroll will remain steady by cutting one or the other.
Posted on 9/13/24 at 2:20 pm to conservativewifeymom
Why shouldn't a private company decide on its own pay scale?
Posted on 9/13/24 at 2:21 pm to conservativewifeymom
quote:Depository institutions have been slashing the hell out of customer-facing personnel. Automation’s helped a lot
overpaying incompetent, under-educated employees whose customer service skills are non-existent, and ability to balance an account equally bad
Those that remain are going to be the better and $50k annually is not out of market to begin with. This is like that business in Seattle that raised minimum salaries to like $70k and it was essentially a BS presser because they all made that much to begin with
But I guess woke is more convenient than operating model realities
Posted on 9/13/24 at 2:21 pm to conservativewifeymom
How is this causing inflation?
Posted on 9/13/24 at 2:23 pm to conservativewifeymom
Why should I have a problem with a private company setting its own payscale?
Posted on 9/13/24 at 2:23 pm to conservativewifeymom
Just curious. What's the lowest level job you think is worthy of being able to live on?
Posted on 9/13/24 at 2:27 pm to conservativewifeymom
Oh no, companies giving employees raises. The horror!
Posted on 9/13/24 at 2:33 pm to conservativewifeymom
Everyone should be pulling their cash from the banks and moving to either Regional Banks or even safer Credit Unions.
Posted on 9/13/24 at 2:48 pm to cuddlefish
quote:
What's the lowest level job you think is worthy of being able to live on?
1.) There's no "you think" here. No one is smarter than the entire American free market. Stop with this commie nonsense and let the markets decide.
2.) TF is "live on"? Homeless people live off crumbs. Who gets to decide what type of car, how big of a house, or how nice a healthcare plan is needed before someone is "making a living"?
Posted on 9/13/24 at 2:56 pm to conservativewifeymom
quote:
This 'progressive' sorry excuse for a bank is knowingly and deliberately contributing to the inflationary pressures all around us, and overpaying incompetent, under-educated employees whose customer service skills are non-existent, and ability to balance an account equally bad.
There is nothing wrong with that if nobody is forcing them to do it. That is capitalism. They have to compete with other banks if they can do that and pay that rate then more power to them. My suspicion is that they have farmed out lower level jobs to non-BOA groups. They can also level costs by converting more positions to part-time and avoid benefit burden.
Posted on 9/13/24 at 3:10 pm to Azkiger
quote:
1.) There's no "you think" here. No one is smarter than the entire American free market. Stop with this commie nonsense and let the markets decide.
Thing is, "the market" decided. The OP vehemently objected.
quote:
TF is "live on"? Homeless people live off crumbs. Who gets to decide what type of car, how big of a house, or how nice a healthcare plan is needed before someone is "making a living"?
Yeah, not worth trying to penetrate that pile.
Posted on 9/13/24 at 3:20 pm to conservativewifeymom
quote:
under-educated employees whose customer service skills are non-existent, and ability to balance an account equally bad
This is certainly a situation where you don't HAVE to keep your bank.
Maybe, in this case, by paying more they can get better people.
Posted on 9/13/24 at 3:22 pm to conservativewifeymom
How does this drive inflation?
Posted on 9/13/24 at 3:27 pm to Azkiger
quote:
1.) There's no "you think" here. No one is smarter than the entire American free market. Stop with this commie nonsense and let the markets decide
Communism is when a bank decides to give their employees a raise
Posted on 9/13/24 at 3:28 pm to conservativewifeymom
This does not cause inflation.
Posted on 9/13/24 at 3:43 pm to SDVTiger
I invite you to take a basic economics course.
Khan Academy is a great source.
Wage increases cause inflation because the cost of producing goods and services goes up as companies pay their employees more. Companies must charge more for their goods and services to maintain the same level of profitability to make up for the increase in cost.
Khan Academy is a great source.
Wage increases cause inflation because the cost of producing goods and services goes up as companies pay their employees more. Companies must charge more for their goods and services to maintain the same level of profitability to make up for the increase in cost.
This post was edited on 9/13/24 at 3:47 pm
Posted on 9/13/24 at 3:43 pm to LSUnKaty
I suggest a basic economics course for you.
Wage increases cause inflation because the cost of producing goods and services goes up as companies pay their employees more. Companies must charge more for their goods and services to maintain the same level of profitability to make up for the increase in cost.
Wage increases cause inflation because the cost of producing goods and services goes up as companies pay their employees more. Companies must charge more for their goods and services to maintain the same level of profitability to make up for the increase in cost.
This post was edited on 9/13/24 at 3:46 pm
Posted on 9/13/24 at 3:45 pm to oklahogjr
Google is your friend.
Basic economics, good thing to study.
Wage increases cause inflation because the cost of producing goods and services goes up as companies pay their employees more. Companies must charge more for their goods and services to maintain the same level of profitability to make up for the increase in cost.
Basic economics, good thing to study.
Wage increases cause inflation because the cost of producing goods and services goes up as companies pay their employees more. Companies must charge more for their goods and services to maintain the same level of profitability to make up for the increase in cost.
Posted on 9/13/24 at 3:49 pm to cuddlefish
Hmmm, member since 6/24,, fewer than 200 posts.
Nah, don't respond to trolls.
Nah, don't respond to trolls.
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