March 11, 2016

Wall Street bonus pool doubles nation's minimum wage payments

Shadowproof - A new report by the Institute for Policy Studies calculates that the Wall Street bonus pool – the money given on top of an average salary of $404,000 – doubles the combined annual earnings of all full-time minimum wage workers in America. The figure comes from data compiled by the New York State Comptroller’s office for 2015, which shows that Wall Street handed out around $25 billion in bonuses to its 172,400 New York-based employees. All American full time minimum wage workers, numbering 895,000, only made a combined $12 billion that year according to US Bureau of Labor Statistics.
Of course, not many minimum wage workers qualify as full time, meaning their combined yearly income is even lower than the Wall Street bonus pool.

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