The minimum wage — and what it should or shouldn’t be — continues to be a topic of passionate debate in America. And while there are reasonable economic arguments on both sides as to how, and to what extent, government should get involved in setting minimum wage rates, some businesses have taken action of their own volition.
For example, Bank of America announced this week that it would seek to raise minimum wages to $20 per hour by 2021; other big banks like JPMorgan Chase have also raised the minimum wage for some employees to between $15 and $18 per hour. Given the generally negative views the banking industry has among the public, a cynic might say these moves are more for PR optics than anything else, what with big banks testifying before Congress this week. But JPMorgan Chase CEO Jamie Dimon has said that in his firm’s case, the raises are due to the generally more stable nature of the financial industry these days. Let’s hope he’s right.