J.P. Morgan CEO James Dimon announced Tuesday in a New York Times op-ed that he will raise company wages over the next three years.
Dimon stated that the company will raise the minimum pay for 18,000 low-tier employees somewhere “between $12 and $16.50 an hour for full-time, part-time and new employees, depending on geographic and market factors.”
It isn’t just a wage hike that Dimon hopes will “attract and retain talented people” to his company, he also highlights that “while a higher wage is important, so are benefits.” J.P. Morgan provides its employees, even the low-tier employees, an average benefits package of approximately “$11,000 a year above their existing wages.”
In addition to these wage hikes, the company will invest over $200 million this year on training for entry-level employees and $325 million towards “career-oriented education.”
J.P. Morgan has already begun to see the fruits of their investments. With these training programs, “more than 40 percent of our tellers get promoted into higher-paying roles within five years, and we now have five very senior regional directors who worked as tellers.”
Dimon acknowledges that this move can be risky and that “some businesses cannot afford to raise wages right now.” Dimon is, however, “optimistic about the future.”
J.P. Morgan is the latest company to raise wages, following Wal-mart Stores Inc., Starbucks Corp, and Target Corp.
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