Pre-empting the Minimum Wage Debate

Why We’re Giving Our Employees a Raise Jamie Dimon, CEO of Chase Bank, wrote an op-ed for the NY Times proclaiming he would raise salaries, over time, for his lowest paid workers from $10.15 an hour to $12 to $16.50 an hour. Dimon’s compensation is $27M per year.

Starbucks also announced big raises for workers:

In a memo sent to all 157,000 U.S. employees, CEO Howard Schultz announced a wage hike for all store employees and managers as of Oct. 3. Starbucks will also double the company stock awards for employees who’ve been there two or more years. Altogether, these changes will boost total compensation between 5% to 15% for all workers.

Starbucks employees earn an average of $9.43 an hour, according to Glassdoor.com.

Howard Schultz earns $20M per year.

The IMF recently recommended that the United States “combat widening income inequality and help the poor [with a] higher minimum wage and expanded tax breaks for low-income Americans.”

Chart of minimum wages and legislation by state. New York, DC and California have led the way on a $15 per hour target.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s