5 Companies Raising Minimum Pay to $20 an Hour in 2022

A number of years in the past, a handful of U.S. cities debated elevating their minimal wage to $15. On the time, there was fierce debate about whether or not such a transfer would wreck native economies.

Occasions have modified. Such controversy appears quaint in an period the place many firms have blown previous a $15 beginning wage in an try to seek out employees in a extremely aggressive market.

Actually, some firms at the moment are dangling $20 an hour or extra in hopes of attracting extra staff. Following are 5 firms which have just lately hiked their beginning pay to that magic quantity, or that quickly will.

Financial institution of America

With regards to elevating beginning pay, few can prime Financial institution of America. Lately, the corporate announced that it’ll hike its minimal hourly wage to $22 on the finish of June. A full-time entry-level gig at BOA now nets you greater than $45,000 yearly.

And it doesn’t finish there. The corporate plans to hike beginning pay to $25 an hour by 2025.

Fifth Third Financial institution

Fifth Third is one other financial institution the place wages are marching larger. On July 4, its minimal wage will bounce to $20 an hour.

To rejoice, Fifth Third additionally will give raises to the employees on the first 4 job ranges above the financial institution’s minimal wage. Which means greater than 40% of Fifth Third staff will quickly see fatter paychecks.

Verizon

In April, Verizon announced it was mountain climbing its minimal wage for brand new staff to $20 an hour for customer support employees. As well as, retail and inside gross sales employees additionally begin at $20 an hour once you mix base wage and goal fee.

Anybody making lower than $20 in these departments additionally bought an automated elevate to the upper quantity.

Constitution Communications

In March, broadband firm and cable operator Charter Communications raised its beginning wage to $20 an hour — together with goal commissions — for all employees.

Like with different firms on this listing, the Constitution enhance was a part of a broader plan to hike wages on the firm that dates again a number of years, with gradual pay hikes alongside the way in which.

T-Cell

In December 2021, T-Mobile raised the minimal wage for all staff to $20. The corporate says the “overwhelming majority” of its staff already earned no less than that quantity previous to the transfer.

Hoping to boost your wage? Take a look at “8 Tips to Negotiate Your Salary.”

Disclosure: The knowledge you learn right here is all the time goal. Nonetheless, we generally obtain compensation once you click on hyperlinks inside our tales.