Bank of America will raise the minimum wage for its employees to $20 an hour in the next two years, beginning with a pay hike next month.
“If you get a job at Bank of America, you’ll make $41,000” annually, Chairman and CEO Brian Moynihan told MSNBC Tuesday. “With the success our company has … we have to share that success with our teammates.”
Moyinhan told the network that the pay raise will be rolled out incrementally over the next two years, starting with raising the hourly minimum wage to $17 on May 1. The company’s minimum wage rose to $15 an hour in 2017, up from $13.50 an hour.
Bank of America employs 205,000 people and is the second biggest U.S. lender by assets, according to CNBC.
The federal minimum wage is at $7.25 an hour, however, many states – including New Jersey have higher minimum wages.