(AP) — Bank of America is raising its starting pay to $20 an hour over a two-year period, starting with a hike next month.
The company said it is raising its minimum hourly wage to $17 on May 1 and will continue to increase pay until it hits $20 an hour in 2021. Bank of America raised its hourly minimum wage to $15 in 2017. It says wages have increased since then, though it didn’t release details of those increases.READ MORE: 'An Important Time For Us': Chicagoans Celebrate Hispanic Heritage Month
In a Tuesday interview on MSNBC, Chairman and CEO Brian Moynihan said, “”If you get a job at Bank of America, you’ll make $41,000 per year.”READ MORE: Downtown Chicago Roadblocks Quell Mexican Independence Day Street Celebrations
Bank of America Corp., based in Charlotte, North Carolina, has more than 205,000 workers.MORE NEWS: 'We're Back': Store Owner Reopens Chicago Sports On Michigan Avenue After 2020 Unrest
Copyright 2019 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.