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Bank of America to raise minimum wage to $20 per hour over 2-year period

Bank of America to raise minimum wage to $20 per hour over 2-year period

April 10, 2019 09:31 AM

Bank of America will raise its minimum wage to $20 per hour over a two-year period.

The company made the announcement Tuesday, saying the increase will occur in increments. On May 1, 2019, the minimum hourly wage will increase to $17, and will continue to rise until it reaches $20 in 2021.

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Bank of America said the plan is part of the company's commitment to being a great place to work and delivering sustainable, responsible growth through competitive benefits and programs.

"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 company employs more than 205,000 people, according to its news release.

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