Bank of America plans to boost minimum wage to $20 an hour

CHARLOTTE, N.C. — Bank of America announced Tuesday that it will raise its minimum wage to $20 per hour over a two-year span.

At the beginning of May, the bank's minimum wage will increase to $17 and will continue to climb until it reaches $20 in 2021.

[Report: Minimum wage workers cannot afford two-bed apartments in the US]

Officials said the increase is part of the company's commitment to being a great place to work.

“We are raising our minimum wage because we believe that to best serve our customers and clients, we need the best teams,” said Sheri Bronstein, chief human resources officer at Bank of America. “Saying thank you, celebrating great work and sharing our success further demonstrate our commitment to being a great place to work.”

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Since 2010, Bank of America has increased its minimum wage by more than $4 per hour – two years ago, the company raised it to $15 per hour.

Cox Media Group