A Sign of "1%" Fear?
JP Morgan CEO Jamie Dimon recently announced raises across the board for his lowest paid workers. But it's not just JPM's workers who may see their fortunes improve:
The last two decades (at least) have seen the growth of a "1% - 99%" society. At least that's how many perceive things. The feeling has spread that, more and more, a select few have sprinted up the economic ladder, while the rest of us have more or less been running in place. That 1% of the population can't rightly be called the "haves"; it's more like the "have-a-lots." For the 99% it's another story.
With the rise of Donald Trump and the growing discontent with the status quo that's spreading steadily not only through the U.S., but around the world, could the 1% finally be feeling the heat? Not that anyone should sneeze at a raise, but will that be enough to keep the masses cool?
J.P. Morgan Chase & Co. will boost pay for 18,000 of its lower-tier employees over the next three years, its chief executive, James Dimon, announced Tuesday in an op-ed appearing on the New York Times website.Are these decisions really being driven by a sense of fairness, or are we witnessing signs of 1% fear?
Mr. Dimon said the bank will raise minimum pay for affected employees to between $12 to $16.50 an hour, the level of increase depending on geography and “market factors.’’ The bank’s minimum salary for U.S. employees is $10.15 an hour, he said.
Many of the affected employees serve as bank tellers and customer service representatives, Mr. Dimon said, explaining that the increase will help the bank attract and retain “talented people in a competitive environment’’ and is “the right thing to do.’’
“Wages for many Americans have gone nowhere for too long,” Mr. Dimon said.
J.P. Morgan’s decision follows similar moves at Wal-Mart Stores Inc., Target Corp. and Starbucks Corp., all of which have outlined plans in recent months to raise wages to counter a tight labor market.
The last two decades (at least) have seen the growth of a "1% - 99%" society. At least that's how many perceive things. The feeling has spread that, more and more, a select few have sprinted up the economic ladder, while the rest of us have more or less been running in place. That 1% of the population can't rightly be called the "haves"; it's more like the "have-a-lots." For the 99% it's another story.
With the rise of Donald Trump and the growing discontent with the status quo that's spreading steadily not only through the U.S., but around the world, could the 1% finally be feeling the heat? Not that anyone should sneeze at a raise, but will that be enough to keep the masses cool?
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