Low Bank Wages Costing The Public Millions, Report Says

http://www.popularresistance.org/low-bank-wages-costing-the-public-millions-report-says/

Researchers say taxpayers are doling out nearly $900 million a year to supplement the wages of bank tellers, which amounts to a public subsidy for multibillion-dollar banks. The workers collect $105 million in food stamps, $250 million through the earned income tax credit and $534 million by way of Medicaid and the Children’s Health Insurance Program, according to the University of California at Berkeley’s Labor Center. In New York 39 percent of tellers and their family members are enrolled in some form of public assistance program, the data show. Profits at the nation’s banks topped $141.3 billion last year, with the median chief executive pay hovering around $552,000, according to SNL Financial. In contrast, the U.S. Bureau of Labor Statistics pegs the median annual income of a bank teller at $24,100, or $11.59 an hour.

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