CHARLOTTE, N.C.–Bank of America announced it will be raising its minimum wage to $20 per hour over a two-year period.
The increase will occur in increments, with the first going into effect May 1 of this year when the minimum hourly wage will increase to $17. It will then continue to rise until it reaches $20 in 2021. The company said the increase is part of its commitment to being a great place to work and delivering sustainable, responsible growth through competitive benefits and programs. Bank of America has more than 205,000 employees.
“We are raising our minimum wage because we believe that to best serve our customers and clients, we need the best teams,” said Sheri Bronstein, chief human resources officer at Bank of America, in a statement. “Saying thank you, celebrating great work, and sharing our success further demonstrate our commitment to being a great place to work.”
‘Reinforces Values’
Bank of America said it has been an industry leader in establishing an internal minimum rate of pay for its U.S. hourly employees and has made regular increases over many years. Since 2010, Bank of America’s minimum wage has increased by more than $4 per hour – two years ago, the company raised it to $15 per hour, and the minimum wage is higher today, the bank said.
“Bank of America’s pay-for-performance philosophy reinforces the company’s core values and culture by inspiring employees to do great work, encouraging and retaining talent, and building trust within teams,” BofA said in a statement.
Bank of America has approximately 4,300 branches and 66-million consumer and small business accounts.