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August 26, 2015
Bank of Labor Meets AFL-CIO's Raising Wages Challenge

Union Employees See Hourly Minimum Hiked to $15

WASHINGTON, D.C., August 25, 2015 — Bank of Labor announced today that it is fully supporting the AFL-CIO’s “Raising Wages” campaign by setting the minimum wage for hourly employees at $15.

Headquartered in Kansas City, Kan., with a newly opened office in Washington, D.C., at 815 Connecticut Ave. NW (at Connecticut Ave. and I [Eye] St.), Bank of Labor employs workers represented by the United Mine Workers of America.

“This is an initiative that the bank and the Mine Workers union mutually embraced,” said Bank of Labor Chairman and CEO Newton B. Jones. “We just completed interim discussions regarding this important initiative, and both parties were eager to back the AFL-CIO’s call to action on wages.”

“I am very pleased that we have been able to work with the Bank of Labor to bring this good news to our members who work there,” United Mine Workers of America International President Cecil E. Roberts said. “This is a big step toward a more livable wage for them and their families. We fully support this critical need to raise wages in America for all workers, and we look forward to further discussions with the Bank of Labor about ways to advance that agenda.”

Bank Chairman and CEO Jones also serves as President of the International Brotherhood of Boilermakers, Iron Ship Builders, Blacksmiths, Forgers and Helpers. The union founded and is the majority stockholder of Bank of Labor. He noted that the Boilermakers set the same $15 minimum wage rate for its hourly employees back in June and that the Bank of Labor leadership quickly moved to adopt that rate as well.

“The current federal minimum wage of $7.25 hasn’t been increased since 2009,” Jones said. “That’s not something people can live on; it’s a poverty wage. Unions and groups that support the Labor Movement have always been at the forefront of advancing economic opportunity and fairness for working families. The AFL-CIO’s “Raising Wages” campaign benefits all workers, union and nonunion alike, by setting a standard to which all employers should aspire. Through such initiatives, we can help restore the middle class.”

Bank of Labor (bankoflabor.com) - MEMBER FDIC

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Bridget Martin
Market President – East Region
Bank of Labor