Financial Services

Bank of America to hike minimum wage for all employees to $20 per hour a year ahead of schedule


Brian Moynihan, CEO, Bank of America

Scott Mlyn | CNBC

Bank of America decided to move up an increase in the company’s minimum to early 2020 from 2021.

The company announced Monday that its workers will earn a minimum of $20 per hour starting by the end of next year’s first quarter.

Bank of America’s decision to move up the wage hike is “is part of the company’s commitment to delivering sustainable, responsible growth by being a great place to work,” according to a statement.

Bank of America had announced on April 9 the minimum wage hike to $20 per hour would take place in two years. The company also raised its minimum salary earlier this year to $17 per hour from $15 per hour.

The bank’s move comes as the minimum wage has become a hot-button issue in Washington. In July, the House passed a bill to raise the federal minimum wage to $15 per hour.

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