JPMorgan Chase is to raise the minimum pay for its 18,000 US employees to between $12 (£9.06) and $16.50 (£12.45) an hour.
The financial services organisation currently pays employees a minimum of $10.15 (£7.66) an hour.
The increase in base pay will take place over the next three years, and will be determined according to geographic and market factors.
Through its commitment to a higher minimum pay rate, the organisation aims to support the attraction and retention of talent.
JPMorgan Chase also offers a range of benefits for staff. A medical plan, which is subsidised by the organisation by up to 90%, as well as dental and eyecare coverage, are among the benefits available to lower-paid employees.
Other benefits, such as annual rewards, paid family, holiday and bereavement leave, 401(k) and pension schemes, have also been increased in recent years.
JPMorgan Chase estimates that the benefits package adds $11,000 (£8,302.45) in value a year to lower-paid employees' current earnings.
Jamie Dimon (pictured), chairman and chief executive at JPMorgan Chase, in an opinion piece for The New York Times, said: “A pay increase is the right thing to do. Wages for many Americans have gone nowhere for too long. Many employees who will receive this increase work as bank tellers and customer service representatives. Above all, it enables more people to begin to share in the rewards of economic growth.”
