Bank of America Announces Minimum Wage Increase over Two Year Period

NEC member Bank of America has announced that over the next two years it will increase its minimum wage to $20 an hour. The minimum will rise to $17 on May 1, 2019, and then to $20 in 2021, for the company’s 205,000 employees.

This follows a trend for the bank, as it has increased its minimum wage by more than $4 an hour since 2010. Several years ago, the bank raised it to $15 an hour. Even before this increase, the company reported that the average rate for U.S. hourly employees was ‘significantly above’ this level.

Bank of America’s Chief Human Resources Officer, Sheri Bronstein, explained, “We are raising our minimum wage because we believe that to best serve our customers and clients, we need the best teams. . . Saying thank you, celebrating great work and sharing our success further demonstrate our commitment to being a great place to work.”

The Council applauds Bank of America for ensuring that its success is shared throughout the company, and for taking steps that will positively impact many employees and communities across the New England region.

Read more from Providence Business News.

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