Rockford Bank To Begin Increasing Minimum Wage To $20 In May
Bank of America (BOA) will begin increasing their minimum wage for employees as soon as May, reaching $20 an hour in two years.
Currently, BOA pays $15 an hour to minimum wage workers and, according to Fox32, the minimum wage will be increased to $17/hour by May 1. The increase is part of a plan for Bank Of America's minimum wage employees to reach $20/hour by 2021.
In a Tuesday interview on MSNBC, Chairman and CEO Brian Moynihan said, "''If you get a job at Bank of America, you'll make $41,000 per year."
It will be interesting to see if other banks and businesses will follow suit. Keep in mind, Bank of America has over 200,000 employees and appears to make decent money. It's unreasonable to think there are small businesses that are unable to pay employees $15-$20 an hour or they would go out of business. Maybe BOA will become a "gotta work there" environment.
Bank of America does have a Rockford Branch near Spring Creek and Perryville Road.
[H/T Fox32 Chicago]