Do they take the drastic increase in cost of living (especially in Florida) into consideration when distributing raises? We can’t afford to live in Florida with this 1-2% raise every year because everyone moving from other States (with their CA salaries)… something’s gotta give.. and the bank ain’t cutting it.
22 replies (most recent on top)
Why are you all beating up California?
Ton of New Yorker have moved/retired to Florida.
Let's not fight each other, please. If the situation were reversed, you'd do what's best for your family too.
Isn't that really what it should all be about?
@3jec+1qMvppCq - agree!
(except for the guy taking home $30 million)
How many times is his pay compared to the lowest paid workers?
It's gross.
Nobody can afford to live with the pay they give. Doesn’t matter where you live. Paycheck to paycheck is not living. It’s horrifying and insulting.
If you want a higher income, you can always move to CA and pay $3000 in rent for a 600 square foot apartment.
Don’t blame CA folks for wanting to take advantage of the better cost of living in FL. We can’t afford to live in CA either.
@3ttq+1qMvppCq We've established the location does not dictate pay within the Bank unless the job is tied specifically to the local market. You can look on glassdoor and other sites all you want, but we are talking reality here within the Bank. Obviously if you have a job that needs to be filled in California you are likely going to be paid more based on the market / high cost of living (especially San Francisco or LA) but the bank does not offer that if the job can be filled in multiple states.
Speaking of mortgage - 2024 stats: California average home price $743.362 (2nd highest of all states), average monthly mortgage payment $4,442. Florida average home price $390,856 (17th) average monthly mortgage payment $2,335. So roughly half when comparing Florida to California.
Average cost of living: California $6,597 (2nd highest state), Florida $5,466 (13th) so around $13,572 more per year to live in CA.
https://www.forbes.com/advisor/mortgages/cost-of-living-by-state/
Homebuyers who fled to Florida to escape high taxes are now shocked at their massive tax bill
https://www.businessinsider.com/florida-homebuyers-shocked-by-skyrocketing-property-taxes-2022-11?amp
@1jsg+1qMvppCq
Most of us DID buy property! Problem is that the id--ts moving here bid their hearts out and drove up all the housing prices.. so now, even if we do sell, it wouldn’t even be a lateral move because every house we wanna buy it price four times too expensive. I can’t wait for all those people to get their mortgage payments adjusted after the first 12 months and they start paying the actual cost of property taxes haha!
@1izo+1qMvppCq
Who established that FL and CA associates are paid the same?!? Haha! They’re absolutely not. Regional salaries apply- ie: cost of living. Florida’s cost-of-living needs to seriously be revamped in regards to salaries, not only at the bank but everywhere. it used to be far less expensive to live in California but that’s not true anymore and Floridians actually pay higher home insurance rates vs California. Between 2020 and 2023, many home owners that I know in Florida saw their monthly mortgage payments jump $600-800 a MONTH!
8% difference is not a lot… The average Florida resident spent only 8% less last year on living expenses, utilities, health care, food and gasoline than the average California resident. I’ve seen salary reports.. same job, but significantly higher pay for those in other states (especially CA).
@2uru+1qMvppCq
The mo--nic governor in Florida is making it worse for home owners and this whole housing/insurance mess all around.
Why go after your fellow humans from CA with hate and envy? Add people from other states while you are at it. Is that going to make the situation better? How is the FL government taking care of its people by creating highly paid positions in flourishing economy? Or they are too busy with conspiracy theories and playing with its citizens worse fears and emotions for their own benefit? How is that BofA problem?
That is a FL problem not a BAC problem.
"they are moving to Florida, but their salary does not get adjusted for the cost of living now in Florida.. so they’re buying up all our properties and make it unaffordable for Floridians to live here."
Sounds like a lot of "but I was here first" whining to me. If you were living in such a great place with affordable properties what stopped you from having the vision to obtain some yourself?
@1hjz+1qMvppCq if we have established that an employee at the bank makes the same pay rate whether they live in CA or FL then you seem to be missing the point. It doesn't matter if an employee then moves from CA to FL as their pay rate remains the same, which is the same pay rate their current teammates in FL already have.
Now think a bit broader - if there is not a cost of living pay difference between what the Bank pays in both states, who is then living the more financially comfortable life - the employee in CA or FL?
What is driving up prices are factors such as selling a home in CA, then having the ability to buy one for around the same price in FL (pricing out many local residents) - not the similar pay rate which we have already established.
Half of yall didn’t understand the original posters point. It’s not about what they make in CA vs FL.. it’s about people in CA making a much higher salary (due to the cost-of-living in California).. and they are moving to Florida, but their salary does not get adjusted for the cost of living now in Florida.. so they’re buying up all our properties and make it unaffordable for Floridians to live here.
We dont care if they make more $ IF THEY LIVE IN CA- just that they keep that salary after moving to Florida. And a ton of people at the company made this move.
The bank has regional salary tiers.
It’s actually not that absurd. The bank is critical to the U.S. infrastructure - the CEO flies private for security, not for luxury.
No and if they did you really wouldn't appreciate it when inflation is low.
We employees have to take the hit, how else would we expect our new executive aviation and security teams to thrive?! Seriously, there are new jobs posted under HR for Gulfstream pilots and CAO for security. The executives of our company are so loathed by others, they can’t fly commercial anymore. Let that absurdity sink in…
They don’t care one bit about you.
No, geographic location between teammates is not a factor in the percentage an individual gets.
Honestly if your are struggling in Florida, think of people in California. I have teammates in both Ca and FL and their pay rate is the same.
I agree, though, something needs to change.
I don’t think they do. CA doesn’t really have higher income. The take home pay after taxes is ridiculous.
I used to live in CA and had a teammate in FL - we got the exact same bonus amount but his take home after taxes 1,500 more than mine!
If you think it’s hard to live in FL, don’t come to CA. We all left (or are leaving) because of the cost of living.
If the bank took that into consideration, they’d pay CA employees more.