Bank of America hiking minimum hourly wage to $20 a year early

Nov. 5 (UPI) -- The United States' second-largest banking institution says it will raise employees' minimum hourly pay to $20 a full year ahead of schedule.

The company announced Monday the increase will take effect at the start of 2020 -- a move it said reaffirms the bank's commitment to "sustainable, responsible growth."

"As part of our commitment to being a great place to work, we are saying thank you, and sharing our success with our teammates who serve our clients and communities every day," Chief Human Resources Officer Sheri Bronstein said.

The previous plan was to implement the wage hike in 2021. Bank of America has increased wages for hourly workers by more than $8 since the start of the decade.

The bank announced last week it will offer compensation to 95 percent of its global workforce, including cash bonuses and stock.

Citigroup starts pay at $15 an hour, while JPMorgan Chase, the largest U.S. bank, pays up to $18 per hour.