James Briggs

james.briggs@indystar.com

Hundreds of Indiana bank workers are about to receive raises.

JPMorgan Chase CEO Jamie Dimon announced Tuesday in a New York Times op-ed that the company plans to increase its base pay from $10.15 an hour to between $12 and $16.50 an hour. The move affects 18,000 employees working in roles such as bank tellers and customer service representatives.

Chase's new minimum base salary means all employees will make at least $4.75 more than the federal $7.25-an-hour minimum wage. The company's policy will vary based on the market, meaning workers in expensive cities will earn more than those in areas where the cost of living is low. The raises will be rolled out over the next three years.

"A pay increase is the right thing to do," Dimon wrote. "Wages for many Americans have gone nowhere for too long."

Dimon's decision means about 500 Chase workers in Indiana will get raises, company spokeswoman Christine Holevas said. The company also offers benefits worth about $11,000 a year, she said.

In addition to pay increases, Chase plans to spend $200 million on training entry-level employees to prepare them for promotions.

The move by Chase comes as several companies have announced pay increases while proposed minimum wage hikes have gone nowhere at the federal level and in many states, including Indiana. The Indiana General Assembly has failed to advance bills that would raise the state's minimum wage above $7.25 an hour.

McDonald's, Ikea and Wal-Mart are among the companies that in recent years have announced base pay increases that will bring all their workers well above the minimum wage.

Chase's new policy, Dimon said, is "good for our company, helping us attract and retain talented people in a competitive environment."

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Call IndyStar reporter James Briggs at (317) 444-6307. Follow him on Twitter: @JamesEBriggs.