"The country's major employers have understood that they need to bring wages up to scratch if they want to attract reliable workers who can help them navigate this period of major uncertainty," said Gregory Daco, chief economist at Ernst & Young Parthenon.
Bank of America announced this week that it was lifting its hourly minimum to $22, a figure set to rise to $25 by 2025. Put another way, he said,"Even with stronger incomes, most consumers are actually seeing wages down in real terms."A pedestrian passes a man seeking handouts on New York's Fifth Avenue; despite recent wage increases by some employers, stark income inequalities remainSo even if the increases might appear significant -- particularly for restaurant and hotel employees -- workers in that sector are still earning less than the national median salary.
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