Several years ago, a handful of American cities debated raising their minimum wage to $15. At the time, there was fierce debate over whether such a move would destroy local economies.
The times have changed. Such controversy seems strange in a time when many companies have exceeded a starting salary of $15 in an attempt to find workers in a highly competitive market.
In fact, some companies are now swinging $20 an hour or more in hopes of attracting more employees. Here are five companies that recently raised their starting salaries to that magic number, or will do so soon.
Bank of America
When it comes to raising the starting salary, few can top Bank of America. Recently the company announcement that he will raise his minimum hourly wage to $22 at the end of June. A full-time, entry-level gig at BOA now earns you over $45,000 a year.
And it does not stop there. The company plans to raise the starting wage to $25 an hour by 2025.
Fifth Third Bank
Fifth Third is another bank where wages are rising. On July 4, his minimum wage will increase to $20 an hour.
To celebrate, Fifth Third will also give raises to workers in the first four job levels above the bank’s minimum wage. This means that more than 40% of employees in the fifth tier will soon see their salary increase.
In April, Verizon announcement it was increasing its minimum wage for new hires to $20 an hour for customer service employees. Additionally, retail and inside sales employees also start at $20 per hour when you combine base salary and target commission.
Anyone earning less than $20 in those departments also got an automatic raise to the higher amount.
In March, the broadband company and the cable operator Charter Communications increased its starting wage to $20 an hour – including target commissions – for all workers.
As with the other companies on this list, the charter increase was part of a larger plan to raise wages at the company that goes back several years, with incremental pay increases along the way.
In December 2021, T-Mobile raised the minimum wage for all employees to $20. The company says the “vast majority” of its employees were already earning at least that amount before the move.
Do you hope to increase your salary? Check out “8 Tips for Negotiating Your Salary”.
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