CHARLOTTE, N.C. — Bank of America has announced it will incrementally raise its minimum wage to $20 per hour over the next two years.
The minimum hourly wage will increase to $17 on May 1, 2019, and will continue to $20 in 2021. The company says this is part of its commitment to being a great place to work and support the diverse needs of its 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. “Saying thank you, celebrating great work, and sharing our success further demonstrate our commitment to being a great place to work.”
The Charlotte based bank says it’s minimum wage has increased by more than $4 per hour since 2010 , hitting $15 per hour two years ago.
Bank of America employs a pay-for-performance philosophy which, “reinforces the company’s core values and culture by inspiring employees to do great work, encouraging and retaining talent, and building trust within teams,” according to the conglomerate.
