Today, I am proud to announce that we are the first bank in the United States to increase our minimum wage to $20 an hour for all full-time employees. By raising our minimum wage, we are continuing to honor our roots in the labor movement and to do our part in creating greater access and opportunity for our workers and their families.
Amalgamated has a longstanding commitment to workers’ rights and to building an economy that addresses inequality. In 2015, we spearheaded the ‘Fight for $15’ as the first financial institution to raise our minimum hourly wage to $15 an hour. We then publicly advocated for other banks to follow our lead.
We believe that now is the time to take another leading step to raise hourly wages to $20. As living costs continue to rise, it’s critical for companies to address the salaries of their employees so everyone can meet the minimum standards for the cost of living. For example, although New York State’s hourly minimum wage is at $15, New York City’s living wage is $17.46 according to the MIT Living Wage calculator. The MIT tool is based on the cost of living estimate that includes typical expenses in a specific region.
As we try to build a culture or transparency and inclusiveness, and as we try to entice talented new people to join the bank, it is essential that we walk the walk when it comes to our own actions. Being the first bank to raise the minimum wage reflects our values and continues to demonstrate our commitment to being America’s socially responsible bank.