Bank of America to raise minimum wage to $20 per hour by 2021

FILE PHOTO: A Bank of America logo is pictured in the Manhattan borough of New York City, New York, U.S., January 30, 2019. REUTERS/Carlo Allegri/File Photo

(Reuters) - Bank of America Corp said on Tuesday it would raise its minimum wage to $20 per hour over a two-year period.

On May 1, the minimum hourly wage will rise by $2 to $17, the bank said

Bank of America joins other Wall Street banks that have raised hourly wages following U.S. President Donald Trump’s move to cut corporate tax rates in 2017.

JPMorgan Chase & Co has been raising hourly wages to between $15 and $18 to pass on the benefits of the tax windfall to employees. []

Bank of America raised its minimum wage to $15 two years ago. The bank’s hourly wage has risen by $4 since 2010, it said.

Reporting by Bharath Manjesh in Bengaluru; Editing by Maju Samuel