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Boston firm sets $60K minimum salary, one of many companies boosting pay

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Benchmark Strategies president Patrick Bench said the company first considered setting the salary minimum as a way to attract workers before the pandemic, but the move has become more important now, with high inflation and employee turnover.

A Boston consulting group plans to create a new minimum annual salary of $60,000 for full-time employees starting in March.as a way to attract workers before the pandemic."We saw that launching this minimum salary level, $60,000, could lead to better not only financial health, but also as a result, better physical health and mental health as well," Bench said in an interview.Benchmark has just 10 full-time employees, including three who will see immediate raises.

Some other bigger employers are boosting pay as well. Bank of America says it plans to boost its minimum wage to

 

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