Bank Of America To Raise Minimum Wage To $20 For All Employees

Bank of America is boosting its minimum wage, the company announced on Tuesday in a press release. Employees can expect to receive at least $20 an hour by 2021.

On May 1, the minimum hourly wage will rise by $2 to $17. After that, it will rise in increments over the next two years.

"We are raising our minimum wage because we believe that to best serve our customers and clients, we need the best teams," Sheri Bronstein, chief human resources officer at the bank, said. "Saying thank you, celebrating great work, and sharing our success further demonstrate our commitment to being a great place to work."

Currently, Bank of America has over 205,000 employees. This is the latest effort Bank of America has made to benefit not only its employees, but also low and moderate-income residents.

Earlier this month, the company announced a plan to help residents in purchasing their first home. It will be a five-year plan called Neighborhood Solutions, which D. Steve Boland, the bank's consumer lending head, said according to CNBC, will "aid them in overcoming barriers and put sustainable homeownership within reach."