Bank of America to raise minimum wage to $20 a year earlier than expected
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Bank of America plans to raise its minimum wage to $20 an hour in 2020, a year earlier than expected.

The bank will increase the minimum wage from $17 an hour by the end of the first quarter in 2020, it announced in a press release Monday. The previous plan intended to boost the minimum wage by 2021 and take the initial step of increasing wages to $17 an hour in May this year.

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The release said the change was pushed up to show Bank of America’s dedication to “being a great place to work.”

“As part of our commitment to being a great place to work, we are saying thank you, and sharing our success with our teammates who serve our clients and communities every day,” Sheri Bronstein, chief human resources officer at Bank of America, said in the statement.

Bank of America previously raised employee pay to $15 an hour in 2017, CNN reported.

As the 3.6 percent unemployment rate for October hovers around a 50-year low point, other banks have also increased wages for their employees, with Citigroup giving $15 per hour starting in June and JPMorgan Chase vowing to provide $15 to $18 per hour, depending on the location’s cost of living, according to CNN.

Glassdoor data from 2018 analyzed by CNN shows bank tellers received a 10 percent increase for average payment.