The Chief Executive Officer of the largest U.S. bank, JPMorgan Chase (NYSE: JPM) is supporting the movement to hike up the minimum wage.
“We’ve got to give people more of a living wage,” he says. “If the federal maybe raises, then states should do more locally so it doesn’t damage the economy too much,” he adds.
Dimon reflects his opinions through his own actions with JPMorgan Chase
“We take very good care of our entry-level jobs: USD 35,000 to USD 37,000 per year, medical, retirement,” Dimon said in a conference call with reporters to discuss the bank’s first-quarter profit.
However, many still feel this value is not enough. Dimon was questioned how a mother with one child could both be supported on USD 16.50 an hour while having all expenses and cost of child care to account for.
“I don’t know, I would have to think about that,” Dimon responded at the time.
Dimon was asked if JPMorgan Chase would be willing to match the minimum wage Bank of America plans to set at USD 20.
“It’s not an arms race,” Dimon replied
Currently, the federal minimum wage is standing at USD 7.25 an hour which was set 10 years ago. Recently, House Democrats were pushing for a new bill that would increase the minimum wage to USD 15 an hour. It is expected to come to a full vote in the chamber.
The minimum starting wage at JPMorgan Chase is USD 16.50 an hour, already at the median level of Americans.