Bank of America Aims to Raise Minimum Wage to $20 an Hour by 2021
April 09 2019 - 8:03AM
Dow Jones News
By Allison Prang
Bank of America Corp. said it is raising the minimum wage so it
hits $20 an hour in 2021.
Part of the increase will go into effect May 1, when the bank
increases its minimum wage to $17 an hour, it said Tuesday.
Bank of America increased its minimum wage to $15 an hour two
years ago. The company said its minimum wage has risen over $4 an
hour since 2010.
Other banks have made efforts on this front to increase their
hourly pay for some employees. JPMorgan Chase & Co., the
country's biggest bank by assets, has been raising hourly wages for
some employees to be between $15 and $18 an hour, Chief Executive
James Dimon said in remarks prepared for his hearing in front of
Congress Wednesday. Those increases have depended on local living
costs, he said.
Other firms in the banking industry also recently raised their
minimum wage to $15 an hour following the new tax law.
Write to Allison Prang at allison.prang@wsj.com
(END) Dow Jones Newswires
April 09, 2019 07:48 ET (11:48 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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