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Wage hikes have been a hot issue this election cycle, with candidates like Bernie Sanders and Hillary Clinton rallying voter support through promises of a $15 federal minimum wage. While it remains to be seen if the measure will be adopted, some companies are proactively responding to employee requests for more 'livable' wages. Check out five big-name businesses that have raised their minimum wages in recent months:
1. J.P. Morgan
CEO Jamie Dimon said in an NYT op-ed Tuesday that “Over the next three years, we will raise the minimum pay for 18,000 workers to $12 to $16.50 an hour, depending on geographic and market factors.” Minimum wage for J.P. Morgan (NYSE:JPM) employees is currently $10.15 an hour.
The company announced on Monday that effective October 3rd, company-owned store employees (accounting for about 60% of their stores) will receive a raise in base pay between 5-15% from a combination of cash and stock options.
In March, the bulk retailer raised minimum wage of workers from $11.50-12 per hour to $13-13.50. "We think this will help, and it's important to do," CFO Richard Galanti said. "We want to be the premium at all levels.”
Last year, the fast-food chain raised minimum wages for its workers at company-owned restaurants (approximately 10% of all locations) from $9 to almost $9.90, rising to above $10 by the end of the year. “It has done what we expected it to — 90-day turnover rates are down, our survey scores are up — we have more staff in restaurants,” McDonald’s (NYSE:MCD) U.S. president Mike Andres said.
The retail giant raised the minimum wage of new workers from $9 to $10 in February, with the average part-time worker now earning $10.58 per hour and average full-time workers earning $13.38 per hour.