Bank of America, (BAC – Get Report) , the second-biggest U.S. bank, said it would raise the minimum hourly wage for employees to $20 by 2021 from about $15 currently in an effort to improve recruitment and retention efforts.
A step increase in the minimum hourly rate to $17 will take effect at the start of next month, the Charlotte-based bank said in a press release.
“We are raising our minimum wage because we believe that, to best serve our customers and clients, we need the best teams,” Sheri Bronstein, the bank’s chief human resources officer, said in the release.
