The United States Department of Labor sets the federal minimum wage at $7.25 per hour, which is well below the poverty line in many regions. The minimum wage is not enough to provide for a family of four in the United States.
Of the 50 states, only 6 have a minimum wage of $10/hour or more, and of those 10, only 2 have a minimum wage of $12/hour or more. The following businesses see this inequality and are taking action by paying their employees a minimum wage of $15 per hour, irrespective of the state or federal minimum wage.
Target
Since July 5, 2020, Target has increased its beginning wage to $15 per hour. Every member of the frontline staff who performed critical services during the epidemic received a one-time bonus of $200 from the company. Virtual doctor appointments are provided at no cost to all U.S. employees.
Fifth Third Bancorp
Fifth Third Bancorp, a financial organization, has stated that beginning in 2019, its minimum wage will be $18 per hour. It was the company’s second wage increase in as many years, following a $12 to $15 increase in 2018. Fifth Third Financial Institutions and ATMs are located throughout the states of Michigan, Illinois, Ohio, Florida, Kentucky, Tennessee, Indiana, Georgia, West Virginia, and North Carolina.
Cigna
Cigna, a global provider of healthcare services, increased its minimum wage in the United States to $16 in 2018. It also instituted a paid leave policy for workers who take time off to care for family members or friends.
Furthermore, frontline workers may see compensation rise to more than $16 an hour. Moreover, Cigna increased its 401(k) matching program by $30 million, helping over 30,000 workers save for retirement.
Santander Bank
Santander, a U.S. affiliate of Banco Santander headquartered in Madrid, stated in 2018 that it would increase its minimum wage to $15 per hour, making it one of the country’s highest-paying retail and commercial banks. Santander’s headquarters are in Boston.
The company has more than 650 branches and almost 2,100 ATMs throughout New Jersey, Connecticut, Massachusetts, Rhode Island, New Hampshire, New York, Delaware, and Pennsylvania.
Hobby Lobby
Hobby Lobby, a chain of craft stores, has been at the forefront of salary growth since 2009. The company’s minimum salary for all full-time employees was increased to $15 in 2014. Its minimum wage increased to $17 in October 2020.
Under Armour
Under Armour, a sportswear and equipment manufacturer raised its minimum wage for hourly U.S. employees significantly from $10 to $15 per hour in June 2021. That goes for any stores or warehouses that sell or distribute its products.
Best Buy
After hearing “extensive employee feedback,” electronics retailer Best Buy developed a new compensation plan for its U.S. staff, which they implemented on August 2, 2020. All workers saw a raise of 4% in their hourly salary, while those whose pay was less than $15 per hour saw an increase to $15.
Aldi
Twenty thousand people are needed in Aldi’s stores and distribution centers; thus, the grocery store accepts applications. The company raised its minimum wage in August 2021 from $15 to $19 per hour for retail and warehouse workers. They offer benefits to their employees as well.
Wells Fargo
Wells Fargo, a financial services provider, recently increased its minimum hourly wage levels in most U.S. markets. Workers’ new minimum hourly compensation varies from $15 to $20, depending on their location and other considerations like the cost of living in the market.
Sam’s Club
The Walmart subsidiary Sam’s Club announced on September 25, 2021, that its minimum wage would increase to $15 per hour. As a result, its hourly fee has risen to almost $17.
JPMorgan Chase
JPMorgan Chase, a financial services firm, said in January 2018 that it would raise its minimum wage to between $15 and $18 per hour as part of a $20 billion investment strategy.
CVS
Starting in July 2022, CVS Health will implement a $15 per hour minimum wage, with ongoing raises to the current hourly salary. According to the company, 65 percent of hourly workers make more than $15 per hour.
Bank of America
Bank of America, one of the largest financial firms in the United States, has pledged to help raise the minimum wage in the United States to $25 per hour by 2025. The company then mandated that all U.S. suppliers pay their workers a minimum wage of $15 per hour by 2021.
Signet Jewelers
When fully implemented by the spring of 2022, Signet’s $15 minimum wage will apply to all full- and part-time employees at the largest diamond jewelry store in the world. Piercing Pagoda, Kay Jewelers, Jared, Zales, H.Samuel, Peoples, Ernest Jones, and JamesAllen.com are a few of the company’s well-known namesake brands.
Costco
After two years of a $15 minimum wage, the wholesale giant Costco raised its beginning wage to $16 an hour in February 2021. It has eliminated hazard pay, but they will use that money toward wage increases for all workers. According to company authorities, some staff at Costco make as much as $25 an hour.
PNC Bank
Starting November 22, 2021, PNC Bank increased its minimum wage from $15 to $18 per hour. Workers in PNC’s legacy markets and those of BBVA USA who will be joining PNC in October will be subject to the new rates.
Aetna
In April 2015, health insurance provider Aetna announced a raise in its minimum base hourly wage for U.S. employees to $16. Most of its (then) 5,700 workers saw a gain of 11%, but others saw increases of up to 33%). Aetna has also improved its benefits plan to decrease members’ out-of-pocket costs for medical treatment.
Walgreens
Pharmacy company Walgreens will raise its minimum pay to $15 per hour by November 2022, with the rise beginning in October 2021.
Charter Communications
In 2018, the telecommunications business declared that its minimum salary would be $18 per hour for all employees. In April 2020, the firm announced that it would indefinitely increase the minimum wage to $20 per hour beginning in 2022. Starting pay for employees has grown from $15.00 to $16.50 and then $18.00 in 2020 and 2021, respectively.
Amazon
To better compensate its full-time, part-time, temporary, and seasonal workers in the United States, Amazon decided in 2018 to raise its minimum pay from $7.25 to $15 per hour. Besides competitive salary and a generous benefits package (dental, health, vision, disability, paid life, and up to 20 weeks of paid parental leave, plus a matching 401(k)), employees also enjoy many other advantages.
Wayfair
In January 2021, the online home goods business headquartered in Boston increased its beginning wage to $15 per hour for all full-time, part-time, and seasonal employees in the United States. Forty percent of the company’s staff will benefit from the wage boost.
Chipotle
The Mexican restaurant chain Chipotle is trying to expand its workforce by 20,000 people across the United States. In June 2021, the diner announced an average salary rise of $15 per hour, translating to starting wages for hourly staff members of $11 to $18. Crew members can earn a $200 bonus for referring a friend to Chipotle. In comparison, apprentices and general managers can earn a $750 bonus.
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