Bank of America is raising its minimum pay to $20 an hour for its more than 205,000 employees
The company will implement the new minimum wage over the next two years, according to comments made by CEO Brian Moynihan on MSNBC earlier Tuesday.Paychecks will initially be raised to $17 an hour starting May 1, before climbing incrementally until 2021. Two years ago, the bank's employees got a raise to a minimum of $15 an hour, according to a company press release.BofA is not the first main street bank to up minimum compensation for its employees.
In January last year, JPMorgan Chase announced its intention to raise wages to a minimum of $15 to $18 for 22,000 employees depending on the local cost of living, and committed to $18 an hour for employees in Washington in November.US employers are competing in a tight labor market in which fewer people are struggling to find jobs. In March, the unemployment rate stood at 3.8% year-over-year. Wages have been on the rise as well.Read MoreBank of America declined further comment on the matter.
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Bank of America is hiking its minimum wage to $20 an hourBank of America is hiking its minimum wage. Employees at the bank will make an hourly wage of at least $17 starting May 1, and $20 within two years.
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Bank of America to raise minimum hourly wage to $20 by 2021Bank of America Corp. said Tuesday it is raising its minimum wage to $20 an hour over a two-year period. The first move will come May 1, when the minimum...
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Bank of America to raise minimum wage to $20 per hour by 2021Bank of America Corp said on Tuesday it would raise its minimum wage to $20 per ...
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Bank of America to raise minimum wage to $20 per hour by 2021On May 1, the minimum hourly wage will rise by $2 to $17, the bank said https://reut.rs/2Il5148. Bank of America joins other Wall Street banks that have raised hourly wages following U.S. President Donald Trump's move to cut corporate tax rates in 2017. JPMorgan Chase & Co has been raising hourly
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