Bank of America, a Hudson Valley employer, said this week that they would be raising minimum wage for their employees from the current of $17 to $20 per hour by the end of the first quarter of 2020.

Why are they increasing the minimum or starting wages of its employees? According to several press releases, Bank of America states that in the current economic times it is both difficult to hire qualified employees and to retain them. BofA started raising their minimum wages when a 2013 report came out that said (nationwide) a large percentage of bank tellers were on some sort of public assistance.

The raises then went as follows, $13.50 to $15.00, $15 to $17 and as of May 1, 2020 that minimum will be $20. The bank also is keeping their medical deductions the same for the next two years to help their employees.

Has your employer ever done anything like this to help their employees?

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