JPMorgan Chase & Co. (NYSE:JPM) CEO Jamie Dimon has announced the company will be increasing the minimum wage for its employees.
Jamie Dimon announced that a JPMorgan pay raise is on the way via an op-ed piece in The New York Times. Here are a few things to know about it.
- Wages will be increased to between $12 and $16.50 an hour.
- The wage increases will be for new employees, part-time employees and full-time employees.
- 18,000 employees will benefit from the wage increase.
- JPMorgan will also invest $200 million in 2016 to train new employees.
- The company will also use $325 million to expand career-oriented education.
- It offers an average of $11,000 a year in benefits to its employees.
To learn more about the JPMorgan minimum wage raise, click here.
Starbucks Corporation (NASDAQ:SBUX) also recently announced that it will be increasing the minimum wage for its employees. This will increase employee’s pay by 5%.
JPM shares were up 1% as of Noon Tuesday.
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