5/15, 5:22 PM (Source: TeleTrader)
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BofA raises minimum wage to $17 an hour

Bank of America Corp. said in a statement on Wednesday that it has raised the minimum wage for its employees to $17 an hour. The lender stressed the wage hike was introduced on May 1 and confirmed it plans more pay increases over the next two years, with the goal to bring the minimum wage to $20 an hour.

"We have raised our minimum wage because we believe that to best serve our customers and clients, we need the best teams," BofA chief human resources officer, Sheri Bronstein, stated.

The plan to gradually increase the minimum wage over the next two years until it reaches $20 an hour was first announced in April by BofA CEO Brian Moynihan, who stressed the first hike will be coming in May.

Breaking the News / NP