In two years, Bank of America employees can expect to make a minimum of $20 an hour, CNBC reports. And, starting from May 1 of this year, employees will earn $17 an hour at the very least.
“If you get a job at Bank of America, you’ll make $41,000” annually, Chairman and CEO Brian Moynihan said to MSNBC on Tuesday. “With the success our company has ... we have to share that success with our teammates.”
The company based in Charlotte, North Carolina also announced that they have already halted health-care cost increases for employees earning less than a certain amount.
The announcement comes one day before Moyinihan, in addition to J.P. Morgan Chase's Jamie Dimon and five other CEOs of the largest banks in the U.S., plan to testify in front of the Democrat-led House Financial Services Committee.
With the increasing prominence of income inequality debates before the 2020 election, raising hourly minimum wage may prevent Bank of America from coming under scrutiny for the pay gap between its branch tellers and company executives.
A 2013 report from the Committee for Better Banks revealed that almost a third of bank tellers received some sort of public assistance like Medicaid or food stamps.
In response to the report, several banks raised employee wages. Bank of America boosted its minimum wage from $13.50 an hour to $15 in 2017.