Bank of America is raising its minimum wage to $20 an hour in 2020 — a year earlier than expected. This is because banks are struggling to find workers, thanks to the tight job market.
Bank of America previously planned to increase paychecks in 2021. But the bank is bumping up its timeline, saying it wants to share the company’s success with its employees.
Two years ago, the bank’s employees got a raise to a minimum of $15 an hour.
Bank of America is not the first bank to boost minimum wages. In June, Citi-group lifted its minimum wage to $15 an hour.
JP Morgan Chase also announced that it’s raising wages.
Many retail companies, including Amazon and Walmart have also increased pay.