When many people envision a banker, they usually think of the Hollywood image of the arrogant, Wall Street type. But they don’t think of the tellers who deal with customers every day.

All that has changed, at least with Amalgamated Bank, which announced a company-wide $15 minimum wage for all employees. The news drew praise from the likes of Manhattan Borough President Gale Brewer, who stated that every bank in New York show follow Amalgamated Bank’s example.

“Large employers with workforces so underpaid they rely on public assistance is a story we hear all too often in connection with big-box stores and fast-food chains,” said Brewer in a statement. “But the shocking truth is that 40 percent of workers in New York’s banks rely on public assistance, and nearly three quarters of New York’s bank tellers earn less than $15 per hour.”

“While Amalgamated’s new policy is a major step forward, positive actions by individual employers are still no substitute for progress on statewide and nationwide minimum wage increases. We must keep fighting for Albany and Washington to raise the minimum wage.”

According to analysis that the National Employment Law Project provided to ThinkProgress.org, the most common occupation with bank companies is bank teller, and nearly 75 percent of them make less than $15 an hour. Close to a half million people work as bank tellers, with the median hourly wage at just $12.44. Just over 71 percent make less than $15, and wages have fallen by 3.4 percent between 2009 and 2014 as the cost of living has risen.

The NELP report didn’t stop there. It also revealed that more than 40 percent of bank customer service representatives makes less than $15 an hour. According to NELP, a quarter of the people in banking who work in maintenance, production and protective service make less than $15 an hour as well. The report further stated that bank tellers are overwhelmingly female (85 percent of the bank teller workforce) and are disproportionately Latino (20 percent of bank tellers though 16.5 percent of the overall American workforce). Close to a third have to rely on some sort of public assistance.

NELP’s analysis concluded that bank tellers should get a $15 minimum wage.

Brian Kettenring, co-executive director of the Center for Popular Democracy, praised Amalgamated Bank’s actions.

“Workers across the country are fighting for a $15 minimum wage because it means dignity and a chance for us to break down barriers that keep us from sustaining our families,” said Kettenring in a statement. “This bold step by Amalgamated Bank is what happens when sensible employers understand courageous organizing. We commend the bank for giving workers the pay they’ve earned and call on others in the industry to follow. Raising the wage is inevitable, and employers would be smart to raise wages proactively.

“Our communities will continue building the movement for $15 and a union, and we won’t stop until we’ve achieved it,” concluded Kettenring.

Source: Amsterdam News