Bank of America Will Pay $20 an Hour in 2020
According to WFLA.com, Bank of America plans to raise its raising its minimum wage to $20 an hour in 2020. Originally Bank of America said they would raise their minimum wage in 2021. The reason why they need to raise their minimum wage is due to the "tight job market".
Banks claim that they can't find workers. In 2017, Bank of America raised its minimum wage to $15 an hour. Clearly, that wasn't enticing enough.
What does a tight job market mean for America? According to informationstation.com "It means job opportunities are abundant. If someone is seeking employment, it’s very likely they will find it. And for those already under the employ of a business, their bargaining power increases substantially and the probability of negotiating a raise goes up." So basically, let's all go ask for a raise.
This tight job market isn't just good for you and me, it's good for America. Informationstation.com went on to say "A tight labor market will inevitably alter the dynamics of the U.S. economy—shifting measured economic progress from one indicator to another. Persistently strong job creation cannot continue indefinitely, but that doesn’t mean future economic advancement will be halted."