Bank of America is Increasing its Minimum Wage to $20 an Hour

Many working for Bank of America and those who plan to work for the bank, may be happy to learn that the company is hiking its minimum wage to $20 an hour.

This increase comes a year ahead of schedule and will start by the end of 2020′s first quarter.

Bank of America’s decision to move up the wage hike is “part of the company’s commitment to delivering sustainable, responsible growth by being a great place to work,” according to a statement from the company.

It was earlier in April that Bank of America had said that the minimum wage hike to $20 per hour would take place in two years. The company also raised its minimum salary earlier this year to $17 per hour from $15 per hour.

It was this summer that the House passed a bill to raise the federal minimum wage to $15 per hour.

Disclaimer: We have no position in Bank of America Corp. (NYSE: BAC) and have not been compensated for this article.