01.23.18 - JPMorgan Chase gives big raise to lowest-paid employees
"JPMorgan Chase, the city’s largest private employer, said today it will raise wages for tellers and other low-paid employees by an average of 10%. About 1,600 bank tellers and customer-service representatives in the metro area will see their pay jump to $18 an hour from the current range of $12 to $16.50 per hour. The change is effective Feb. 25."
"The pay hike is part of a broader $20 billion investment program, unveiled today. Under the plan, the bank has pledged to increase lending for mortgages and affordable housing by $10 billion and small-business lending by $4 billion. It committed $1 billion to preserve affordable rentals in distressed areas. It is also spending $5 billion on its workforce, which in the city includes 33,000 people."
"In addition to raising pay for the rank-and-file, the bank said it would lower medical-plan deductibles by $750 a year for staffers making less than $60,000."