Bank of America to raise minimum wage to $20/hour

Raise will occur over two-year period
Apr 16, 2019

Charlotte, N.C. — Bank of America today announced that it will raise its minimum wage to $20 per hour over a two-year period. The increase will occur in increments.

On May 1, 2019, the minimum hourly wage will increase to $17, and will continue to rise until it reaches $20 in 2021.

This is part of the company’s commitment to being a great place to work and delivering sustainable, responsible growth through competitive benefits and programs that support the diverse needs of its 205,000+ employees, the company said in its announcement.

According to the press release, 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 average rate for all U.S. hourly employees is significantly above this level.

 

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