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I can tell you what's happening in my industry... they're redefining job roles. I work in retail banking. Tellers would typically make $12-13 an hour until late last year when the company implemented a company-wide $15 minimum wage. Now you have lower skilled employees (tellers) making close to the same amount of money personal bankers do. So what did the bank do? Instead of having 3 bankers and 4 tellers comprise a branch, they have 5 employees who are "Universal Bankers". They do both teller work and personal banker work, for slightly more than what a typically personal banker would make.
If your "personal bankers" are only making $15 and hour I'm going to another bank. My brother inlaw is a Personal Banker and he makes well into six figures .
If you are going to have a high minimum wage like $15, ...
But why is that high? Yes, it's higher than the current minimum wage, which hasn't changed in ten years. But if you say something is high, you have to say what you're comparing it to and provide some historical perspective. For example, what was the ratio of minimum wage to median rent or the cost of a Big Mac in 1990 vs. now?
If your "personal bankers" are only making $15 and hour I'm going to another bank. My brother inlaw is a Personal Banker and he makes well into six figures .
Believe it or not, not many make a base salary much higher than 40k. Your brother in law is probably either a Financial Advisor or a Private Client Relationship Manager, which does pay significantly better.
But why is that high? Yes, it's higher than the current minimum wage, which hasn't changed in ten years. But if you say something is high, you have to say what you're comparing it to and provide some historical perspective. For example, what was the ratio of minimum wage to median rent or the cost of a Big Mac in 1990 vs. now?
The median salary for an American worker was $865 a week in 2017. $15 an hour puts you at $600 full time.
So that’s the comparasion that matters imo, not the cost of a Big Mac in 1990. I know people in NJ make a bit more then the rest of the country, but I still think the spread between the legally mandated minimum wage and the average workers wage should be higher. $11-12 is about the right number for a minimum wage imo.
The median salary for an American worker was $865 a week in 2017. $15 an hour puts you at $600 full time.
So that’s the comparasion that matters imo, not the cost of a Big Mac in 1990. I know people in NJ make a bit more then the rest of the country, but I still think the spread between the legally mandated minimum wage and the average workers wage should be higher. $11-12 is about the right number for a minimum wage imo.
Isn't the minimum wage went to $8.85 Jan 1, 19 then to $9 July 1st. Then an increase of $1 an hour Jan 1 until reaching $15 in 2024. This should give businesses an opportunity to adjust. Also median means 1/2 the people make above and 1/2 make below?
According to the SS administration in 2017 the average compensation (what the majority of people made) was $48,251 whereas the median was $31,561. Yes the cost of a Big Mac matters or a gallon of milk or other staples. A quick search looking for the historical price of milk turned up the information that what $5 bought in cost $6.48 in 2018 and the minimum wage in NJ in 2000 was $5.15.
It's funny during the Republican Presidential primary debates, the question was asked about increasing the minimum wage. Every candidate replied, "Wages are too high!".
Of course everyone was a millionaire so they're "in touch" with the common people.
My solution is that business owners instead of paying a set wage should pay on the low end 10% of the profits up to 25% based on performance and success of the company.
How about employers offer any wage they want and potential employees accept it or seek alternative employment?
If an employer offers $0.50/hr, and someone freely accepts that wage who are you (or anyone else) to say they shouldn't be allowed to do that?
How about employers offer any wage they want and potential employees accept it or seek alternative employment?
If an employer offers $0.50/hr, and someone freely accepts that wage who are you (or anyone else) to say they shouldn't be allowed to do that?
Like they do in the Libertarian utopia of Somalia?
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