April 9, 2019 / 12:29 PM / 9 days ago

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 reut.rs/2Il5148.

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. [reut.rs/2F75BgZ]

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

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