Bank of America is raising its starting pay to $20 an hour over a two-year period, starting with a hike next month.
The company, which operates four offices in Chattanooga, said Tuesday it is raising its minimum hourly wage to $17 on May 1 and will continue to increase pay until it hits $20 an hour in 2021.
“If you get a job at Bank of America, you’ll make $41,000 per year,” said Brian Moynihan, CEO of Bank of America which employs 205,000 workers.
The raise reflects the increases in minimum pay being granted by many major employers as the unemployment rate has hovered at or near a 50-year low.
Unum, First Tennessee Bank and BlueCross BlueShield of Tennessee each raised their minimum pay to $15 an hour a year ago and both Unum and BlueCross expanded their parental leave policy after the companies reported strong earnings.