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Bank of America announced that they have raised their hourly wage to $21 for their U.S workforce. Dive in to see what it may mean for the USA minimum wage. 
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When is the USA raising its minimum wage?

Bank of America announced yesterday that they have raised their hourly wage to $21 an hour for their U.S workforce, which is three times the USA’s minimum wage of $7.25 an hour. This comes on the heels of the continued debate of raising the USA minimum wage as many Americans support an increase. 

According to a recent study, 71% of people think the USA minimum wage should be higher, with 74% of those supporters coming from lower-income families. With this example from Bank of America, the argument to increase the USA minimum wage may now have new & stronger legs to stand on. 

Of course, this debate is a hot button topic on Twitter and will most likely continue to be until an increase is announced. Dive in to find out more about the Bank of America increase and what it may mean for the USA minimum wage. 

Bank of America’s pledge

This raise in the minimum wage is not the first for Bank of America. The Charlotte, North Carolina-based lender has implemented a goal to, by 2025, raise the minimum wage for their US workforce to $25. This current pay hike impacts its sizable 174,000 workers and, if the goal is reached, will have raised the base hourly pay by more than 120% since 2010 according to the announcement made by the bank’s representatives yesterday. 

The dollar-an-hour increase is meant to “attract and develop talented teammates,” according to Sheri Bronstein, chief human resources officer at BofA, who delivered the statement yesterday. She added that the bank hopes the move inspires “others to do the same.” 

Though Bank of America is beating many other banks in regards to hourly wages (JPMorgan Chase, the biggest U.S. bank, pays a minimum of $16.50 to $20 an hour), experts aren’t celebrating yet as this pay increase still isn’t enough to be considered livable. 

Livable wages needed 

According to the living wage calculator devised by Massachusetts Institute of Technology professor Amy Glasmeier, the current Bank of America wage exceeds the hourly $15.49 rate that an individual in the Charlotte metropolitan area would need to support themselves. 

However, this same wage would not be considered livable for a single parent household with one child and falls short of covering two working adults with one child according to the calculator. In order to reach a livable wage, the MIT calculator estimates a wage at $30.70 for an adult with one child in the Charlotte area. A household with two working adults and two kids would require both parents to earn $21.17 an hour each. 

This new announcement is fueling the continued debate of raising the minimum wage in the USA, especially after the pandemic where many are in need of work and stability as the pandemic continues. Nowhere is this debate more heated than, of course, on Twitter. 

Twitter wants money

Of course, this debate over the USA minimum wage has been going on for many years, with this announcement adding more food for thought. Reactions to the news and debate include: 

*Sips soda aggressively and pointedly*. 

Australia is starting to look pretty appealing . . . . 

That should be quite the Big Mac, then. 

We’d hate to confirm it, but alas . . . . 

Well, you learn something new everyday. 

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What are your thoughts on the USA minimum wage after this announcement from the Bank of America? Drop them below in the comments! 

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Nicole is a fan of stories. She loves seeing them unfold in her favorite fandoms such as Marvel, Arrowverse, and 'Lucifer'. While watching new fandoms and shows unfold, Nicole can't wait to see what stories to tell you all about next!

nzamlout@filmdaily.co

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