Bank of America today announced that it will raise its minimum wage to $20 per hour over a two-year period. 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.
“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.”
Since 2010, Bank of America’s minimum wage has increased by more than $4 per hour – two years ago, the company raised it to $15 per hour.
The company feels that its pay-for-performance philosophy reinforces the company’s core values and culture by inspiring employees to do great work, encouraging and retaining talent, and building trust within teams. Its efforts have been recognized by a number of external organizations including the 2019 LinkedIn Top Companies list, Catalyst and Fortune as the only financial services company included in its inaugural Best Big Companies to Work For list.