JP Morgan Chase to Increase Bank's Minimum Pay by 2019

JP Morgan Chase to Increase Bank's Minimum Pay by 2019

By: Daniel Steingold | July 12, 2016

On Tuesday, Jamie Dimon, CEO of JP Morgan Chase, announced that all Chase employees will make at least $12 an hour by 2019— in certain areas with a higher cost of living, $16.50 an hour will be Chase’s self-imposed minimum wage.

Chase’s current minimum salary for employees is $10.15 an hour, which is nearly $3 over the federal minimum wage.

This announcement is expected to affect around 18,000 employees, many of whom, Dimon notes, “work as bank tellers and customer service representatives.”

Dimon has deemed Chase’s decision to be a “good” investment that will help retain talented individuals.

The hike in pay will be granted to full-time, part-time, and new employees alike.

Dimon mentions in his op-ed in the New York Times that Chase’s employee benefits typically add an additional $11,000 in value over the course of a year.

Chase is on pace to provide further training to 30 percent more employees this year, many of whom are bank tellers.

Dimon notes that a number of bank tellers have gone on to take on more senior roles after receiving sufficient training from Chase.

Chase is also investing “$325 million in career-oriented education aligned to growing sectors,” much of which is intended to “strengthen and expand career-focused education” in state school systems.

Dimon ultimately expresses optimism in the changing of America's economy and society, hoping that Chase can play a part in its future.

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