Bank of America makes an announcement recently. And it’s good news for all its employees. The company which has 200,000 employees will be increasing its hourly wage. Read the full news here.
Bank of America to increase its hourly wage
Bank of America will be rising its minimum hourly wage. This is according to a recent announcement made by the company. The increased wage is of $17. It will be effective from the 1st of May, 2019. Moreover, it will continue increasing the hourly wage until it hits $20. This will be in 2021.
The last time when the minimum hourly wage was increased was in 2017. The amount then was increased to $15.
If someone now gets a job at the Bank of America, he/she will earn $41,000 per year. This is according to the CEO and chairman, Brian Moynihan. Moynihan said this during an interview on MSNBC.
Therefore that’s the minimum amount that you will get for sure.
The timing of this hike
This announcement does not come as a surprise. Especially given the timing of it. This is because the bank had to appear in the House finance committee.
The other banks who were a part of it are JPMorgan Chase, Citigroup, and Goldman Sachs. Moreover, there are three other banks who made the appearance.
House finance committee is one of the most significant hearing. This is when it comes to the banking industry. Moreover, since is since the beginning of the year. This is when the Democrats took control of the House.
It is since then that the banks have been polishing their images. It is all because of the hearing. Because they had a record year in profits. This is for the year 2018. The credit goes entirely to tax cuts. Because of the tax cuts that were passed by the Republicans in 2017, making profits was possible.