Financial services organisation Bank of America is to increase its minimum wage to $20 (£15.27) an hour for 205,000 US-based employees.
The pay increase will be delivered over a two-year period, starting on 1 May 2019 when the bank’s minimum hourly wage will increase to $17 (£12.98). This will continue to rise in increments until the minimum wage reaches $20 an hour in 2021.
Bank of America is improving its hourly minimum wage in order to align with its core values and culture; the organisation seeks to inspire employees to do great work, encourage and retain talent and build greater trust within teams.
The organisation has also committed to delivering sustainable and responsible business growth, using competitive benefits and programmes that support the diverse needs of its staff.
The bank’s minimum wage has increased by more than $4 (£3.05) an hour since 2010 and, in 2017, it raised its hourly minimum wage to $15 (£11.45) an hour. The legal minimum wage in the US is currently set at $7.25 (£5.54) per hour.
Sheri Bronstein, chief HR officer at Bank of America, said: “We are raising our minimum wage because we believe that to best serve our customers and clients, we need the best teams.
“Saying thank you, celebrating great work and sharing our success further [demonstrates] our commitment to being a great place to work.”