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Bank of America to raise workers' minimum wage to $20 an hour

April 11, 2019 / Valerie Bolden-Barrett

Bank of America will raise its minimum hourly wage to $20 an hour in a two-year phase-in, it announced Wednesday. The bank's minimum hourly rate will increase to $17 on May 1, 2019, and will continue to rise until it reaches $20 an hour in 2021. The bank called the increase part of its commitment to be a "great place to work" and maintain its growth through competitive programs and benefits for its more than 205,000 employees, according to the press statement. The bank said it has regularly increased its hourly wage over the years, citing a $4-an-hour hike over its minimum rate since 2010 — including an increase to $15 an hour two years ago. According to the bank, the average pay rate for all U.S. hourly workers is "significantly above this level." "We are raising our minimum wage because we believe that to best serve our customers and clients, we need the best teams," Sheri Bronstein, Bank of America's CHRO, said in a statement. "Saying...