At
a time when banks are thriving and many CEOs make tens of millions of dollars
annually, this is simply unacceptable. Banks must act now to raise the wage and
stand up for the workers who make possible their success.
That’s why this week
at Amalgamated Bank we announced that we’ve raised our minimum wage to $15 per
hour and challenged the rest of the industry to do the same.
Nationwide,
around 25 percent of all working people rely on at least one form of public
assistance. Among workers in financial services, that number is nearly 31
percent. When banks fail to pay a living wage, they are passing the cost of
services for their employees on to taxpayers.
The
tellers, customer service reps, new account clerks, collectors, and cleaners
who work at our financial institutions are crucial to keeping the economy
growing, and they deserve the dignity of a fair wage. It is wrong that they
have been left to fend for themselves for so long.
At
Amalgamated Bank we will pay every bank employee, regardless of position, a
minimum wage of $15 an hour. This immediate change sends a message that we
believe in our people, and feel they deserve a living wage.
It is my sincere
hope that other banks will follow us by recognizing that when it comes to the
minimum wage, doing the right thing is simply good business.
Keith
Mestrich is Amalgamated Bank’s president and CEO. FULL
DISCLOSURE: I’ve known Keith since the 1980s. He recruited me for my last job
before I retired. – Will Collette