Bank of America Corp. announced Tuesday it will raise its minimum wage to $20 an hour by 2021.
Starting May 1, the company’s minimum wage will increase to $17 an hour. Wages will continue to rise until they reach $20 an hour in 2021, the bank said. Bank of America (NYSE: BAC) raised its minimum wage to $15 an hour in 2017.
The gradual increases will impact roughly 7,500 employees in southeastern Pennsylvania and Delaware alone. The Charlotte, N.C.-based bank has about 6,500 employees in Delaware,…
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