According to The Wall Street Journal, companies in New York City must disclose compensation. Macy’s is among the corporations that must do so. The disclosures show that Macy’s pays some workers only $15 an hour. Over the year, that pay level is slightly more than $31,000. The federal government lists the poverty level for a family of four at $26,500. The number needed in New York is almost certainly above that.
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In its most recently reported quarter, Macy’s had revenue of $5.6 billion and a net income of $275 million. Without any question, Macy’s could pay its lowest-paid hourly workers more.
The job that pays $15 is what Macy’s calls a “leased Vendor Sales and Support” position.
Why does Macy’s pay so little? Because it can. These jobs are on the lowest rung of Macy’s workforce. Macy’s can make more money by paying them just above what the law allows. The New York minimum wage rule stipulates companies must pay $14.20 an hour starting next year.
The other challenge these workers face is rising inflation. With inflation at just below 9%, people who pay low wages are affected more than most. How can a person who lives in the New York City area afford daily costs like food and gas, the prices of which will rise quickly into next year? Of course, there is the cost of transportation too, even if people use the public transportation system in New York.
24/7 Wall St.Perhaps now that Macy’s and other companies in New York have to disclose pay, they will be under pressure to pay more. At $15 an hour, the retailer’s management should be ashamed of themselves.
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