The Bank of America minimum wage is increasing to $20 an hour, but not for a couple more years.
Bank of America (NYSE:BAC) says that it will be increasing minimum wage to $20 per hour starting in 2021. However, this change won’t take place all at once. Instead, it will be increasing minimum wage over the next couple of years until it reaches that point.
The Bank of America minimum wage increase will start this year. The first minimum wage increase will have the company bringing its minimum wage up to $17 an hour. This will take place on May 1. 2019.
The rest of the Bank of America minimum wage increases aren’t noted by the company. Despite this, it looks like employees will be seeing a nice increase to their wages as it heads toward its goal of $20 per hour in 2021.
Bank of America says that its philosophy toward minimum wage is to pay for performance. What this means is that the company believes it is better to pay its employees more so that their performance will match that pay.
“We are raising our minimum wage because we believe that to best serve our customers and clients, we need the best teams,” Sheri Bronstein, Chief Human Resources Officer at Bank of America, said in a staetment. “Saying thank you, celebrating great work, and sharing our success further demonstrate our commitment to being a great place to work.”
BAC stock was down slightly as of noon Tuesday.
As of this writing, William White did not hold a position in any of the aforementioned securities.
