Bank of America will its minimum wage to $20 an hour early next year, instead of 2021 as originally expected.
The company announces that its workers will earn a minimum of $20 per hour starting by the end of 2020's first quarter.
Bank of America's decision to move up the wage hike is "part of the company's commitment to delivering sustainable, responsible growth by being a great place to work," according to a statement.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 "part of the company's commitment to delivering sustainable, responsible growth by being a great place to work," according to a statement.
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Bank of America bumps up minimum wage to $20 an hourBank of America Corp. said Monday it is raising the U.S. minimum wage for hourly employees to $20 from $17, by the end of the first quarter of 2020. Since 2010, the bank has now increased its minimum wage by more than $8 an hour. "As part of our commitment to being a great place to work, we are saying thank you, and sharing our success with our teammates who serve our clients and communities every day," said Chief Human Resources Officer Sheri Bronstein. The stock rallied 1.4% in premarket trading. It has run up 29.1% year to date through Friday, while the SPDR Financial Select Sector ETF has advanced 22.3% and the Dow Jones Industrial Average has gained 17.2%.
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