Bank of America to raise minimum wage to $20 an hour by 2021 [View all]
Source: Washington Post
Bank of America said Tuesday that it would raise its minimum wage to $20 an hour by 2021, a move that comes a day before banking industry leaders are scheduled to be grilled on Capitol Hill on their record profits a decade after the financial crisis.
The pay increase will affect all of the Charlotte-based bank’s more than 200,000 employees, the bank said.
Bank of America’s announcement comes as Democratic lawmakers push legislation to raise the federal minimum wage from the current $7.25 to $15 per hour by 2024 amid a tight labor market. Workers are receiving the largest wage increases since the Great Recession as employers struggle to find enough people to fill their ranks.
“The job market is very healthy, and this is one way to help employee retention,” Ken Leon, director of equity research at CFRA Research, said of Bank of America’s announcement.
Read more: https://www.washingtonpost.com/business/2019/04/09/bank-america-raise-minimum-wage-hour-by/
It's a start.
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