All articles tagged with #hourly pay
Bank of America plans to raise its minimum hourly wage to $23 in October, with the goal of reaching $25 by 2025. This increase translates to a minimum annual salary of nearly $48,000 for full-time employees. The move is part of the bank's ongoing efforts to provide competitive compensation and improve employee benefits.
Walmart is adjusting its pay scale, resulting in some new store workers starting at a lower hourly pay rate, except for those in specific departments. The change aims to create consistency in starting pay across stores, improve staffing, and enhance customer service. Current employees will not experience pay cuts. The move comes as the U.S. job market shows signs of improvement, with Walmart having previously announced pay raises for U.S. workers earlier this year.
DoorDash is introducing a new payment option for its delivery drivers, allowing them to choose between earning money for each delivery or receiving an hourly minimum wage. The shift in compensation aims to address concerns about fair pay and incentivize drivers to accept smaller orders. Drivers can toggle between the two payment methods, with tips applied on top of the hourly base pay. The move comes in response to driver feedback and a desire to give drivers more decision-making power. However, the new system will not be available in certain regions with laws governing minimum pay for drivers.
The tightest labor market in decades has led to a surge in summer job opportunities for teenagers, with hourly pay rising about 5% in April from a year ago at restaurants, retailers, and amusement parks. Some states are rolling back restrictions to let teens work more hours and, in some cases, more hazardous jobs, but labor rights groups see it as a troubling trend. Economists suggest allowing more legal immigration as a key solution to workforce shortages.