Good news for Bank of America employees: The bank announced that it will be incrementally raising its minimum wage to $20. The raise will begin with a hike up to $17 an hour on May 1 and rise all the way up to $20 per hour by the year 2021.
The announcement comes as Bank of America takes time to reflect on its success as a company.
“If you get a job at Bank of America, you’ll make $41,000” a year, chairman and CEO Brian Moynihan told MSNBC. “With the success our company has … we have to share that success with our teammates.”
The increased hourly rate isn’t the only thing that Bank of America employees have to look forward to, either.
According to Moynihan, the bank will also stop health care increases for its lower-paid workers. All this should make it a little easier to jump out of bed when the alarm clock goes off in the morning for Bank of America staffers.
This news may specifically benefit Bank of America employees, but minimum-wage increases have become a trend. According to the Economic Policy Institute, more than 5 million workers saw higher pay as of Jan. 1, 2019, thanks to the 19 states that raised minimum wages.
The publication also reports all those affected by the wage increases can expect to earn on average between $90 to $1,300 more per year.
Big-box retailers are also in on the minimum-wage hike trend. Costco announced it would raise its minimum wage earlier this year, and Target and Walmart have also promised employees increased wages, too.
And while a recent study showed that money can’t necessarily buy you happiness, it can help you get your basic needs met and allow you to invest in things that can improve your mental health, such as vacationing and exercising. If you’re working multiple jobs, a raise can help you spend more time at home with your family or doing things you love.
So, if you’re someone who’s recently seen a little extra in your paycheck, you might want to consider making purchases that could help you take advantage of that salary increase. You may be able to use some of that hard-earned money to finally take the vacation you’ve always dreamed of or to buy the latest and greatest Apple iPad you’ve been eyeing for a while now.
When companies start paying employees enough to afford happier and healthier lives, everyone wins. So, let’s hope even more companies promise to raise the minimum wage in the future.