(WSVN) - Bank of America is raising its minimum pay to $20 an hour for its over 205,000 employees.
According to a press release, the pay increase will be implemented over the next two years.
Paychecks will initially be raised to $17 an hour starting on May 1. They will then climb up incrementally until 2021.
“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. “Saying thank you, celebrating great work, and sharing our success further demonstrate our commitment to being a great place to work.”
This follows the company increasing minimum wages to $15 an hour two years ago.
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