New York (CNN Business)Bank of America is raising its minimum pay to $20 an hour for its more than 205,000 employees.
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(BAC) is not the first main street bank to up minimum compensation for its employees. In January last year, JPMorgan Chase(JPM) 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.
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