As per sources: On May 1, Bank of America will raise its minimum wage to $17 and then it will rise to $20 over the next two years.
The CEO says “If you get a job at Bank of America, you’ll make $41,000,” Chairman and
The bank employs 205,000 people.
That’s a sign of the way the political winds are blowing and how tight the market is for workers. There is still minimal wage growth in the big picture but every announcement like this is a tick higher.
At the same time, Wal-Mart is deploying robots to at least 300 stores that will scan shelves for out-of-stock products along with various other sorting and floor-cleaning machines.
So while wages are rising, workers may feel increasingly precarious in their work and that could lead to more saving rather than spending.