Bank Of America vows to raise minimum wage per hour to 20 dollars

The Bank of America Corp has disclosed its plan over the new minimum wage target aimed at 20 dollars ($20) per hour, saying it would be achieved over a period of two years.

According to Sheri Bronstein, chief human resources officer at Bank of America, the increment begins on the 1st of May 2019, with the hourly pay at 17 dollars, and continues till 2021.

“This is part of the company’s commitment to being a great place to work and delivering sustainable, responsible growth through competitive benefits and programs that support the diverse needs of its 205,000+ employees”

Although Bank of America raised its minimum wage to 15 dollars two years ago, with the bank’s hourly wage risen by 4 dollars since 2010, the bank needed to  joined several other U.S. companies that have already announced spending plans after the federal tax overhaul was signed into law in December.