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Bank of America will raise the minimum wage for its employees to $20 an hour in the next two years and freeze health care cost increases for lower-paid workers, the company said Tuesday. The hourly pay will rise to $17 starting May 1 and then increase to the higher rate by 2021, CEO Brian Moynihan said.

This primarily affects positions like phone/e-mail/chat customer service reps, back office (check processing, mail handling, etc.) and tellers, as those are typically the lowest paid employees at a bank.

Who wonders whether this will spread through the financial sector and if so, whether it could catch on in other sectors...

Already has been.

According to the American Bankers Association, a lot of banks raised wages and/or gave employees bonuses after the TCJA became law https://www.aba.com/Press/Pages/energizing-economy.aspx

Having worked in the call center industry, I noticed it was harder hire call center representatives, and that they wanted more pay, about 1 1/2 - 2 years ago, especially when a BAC call center was nearby. I believe that JPM and WFC, among others, also increased wages to their lowest paid employees after the tax reform legislation.

AJ
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