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Got a raise? Thank the tightening labor market

JP Morgan Chase and Starbucks have announced wage raises to help retain employees

JP Morgan Chase announced raises for its employees today. 
JP Morgan Chase announced raises for its employees today. 
Andrew Burton/Getty Images

What if your boss called you up one day out of the blue and said, “How about a raise?” 18,000 employees at JPMorgan Chase opened the paper this morning and got just about the equivalent. In an Op-Ed in the New York Times, CEO Jamie Dimon said the bank will raise its minimum pay to between $12 and $16.50 an hour over the next three years. It’s just above $10 now. Over at Starbucks, baristas and store managers got a similar memo from their CEO Howard Schultz yesterday. Coincidence?

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