As reported by NBC4i, the bank of America is raising its hourly minimum wage to $20, as they plan to uplift the economic conditions of their employees. They would implement this increment over a period of two years. The company believes that it’s workers and employees should get the maximum benefit. According to the official statement, the company said that it would increase its hourly wage to $17 on May 1. Later, they would continue to increase the wage until it reaches $20 an hour in 2021. The workers were definitely happy with this decision of the bank to increase the wages.
Looking into the background of wage increment which was carried out by Bank of America, the bank had increased its hourly wage to $15 in 2017. Two years after their 2017 increment, they have considered their decision again and this time they increased the hourly wages by $2. The bank had stated that the wages were increased since year 2017, however it hadn’t exposed the details of this increment to the general public.
During an interview, the CEO and Chairman of the bank Brian Moynihan praised the bank’s ability to pay good wages, as he said, “If you get a job at Bank of America, you’ll make $41,000 per year.” This interview was given on last Tuesday.
Bank of America has more than 205,000 workers as it means that it has a huge numbers of families attached to it for sake of getting their livelihood. It’s based in Charlotte, North Carolina. The wage increment shows that the bank has decided to transfer its profits to the employees. A very few companies around the globe believe in such an open share of profit with the employees when it comes to giving good salaries. This bold decision of salaries increment by the Bank of America is going to invite other companies to walk the same path of the workers well-being by paying them good.