Last month, Bank of America announced that it would raise its minimum hourly wage to $20 over a two-year period.
The first increment to $17 was made on May 1, and is reflected in impacted employees’ paychecks the week of May 13.
The hourly rate of pay will continue to increase until it reaches $20 in 2021, the bank said in its news release.
“We have raised 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.”
Since 2010, the minimum wage has increased by nearly $6 per hour. Two years ago, Bank of America raised it to $15, and it is now $17 per hour. The average rate for all U.S. hourly employees is significantly above this level, the bank said.