Almost 1 in 3 Bank Tellers Need Public Assistance
AND THAT’S COSTING TAXPAYERS ALMOST $900 MILLION A YEAR
(NEWSER) – You probably don’t think of bank tellers the same way you think about, say, the fast food workersprotesting today, but they, too, have ample reason to complain about their wages, a new report suggests. Nearly a third of tellers are on some form of public assistance, according to a UC Berkeley/Committee for Better Banksstudy. Taxpayers spend $899 million each year helping tellers get by, the report concludes.
Banks made more than $141.3 billion in profit last year, and had a median executive pay of around $552,000—compared to $24,100, or $11.59 per hour for tellers, theWashington Post reports. But Jay Jenkins at the Motley Fool points out that median pay for all workers isn’t much better, at a mere $14.93 an hour. “The root of the problem is not about banks,” he argues, “it’s about the structure of the US economy and the quality of jobs available to the workforce.”