(CNN) – Bank of America is raising it’s minimum wage to $20 an hour in 2020-a year earlier than expected.
This is because banks are struggling to find workers, thanks to the tight job market.
It previously planned to increase paychecks from 2021.
But the bank is bumping up its timeline, saying it wants to share the company’s success with its employees.
Two years ago, the bank’s employees got a raise to a minimum of $15 an hour.
Bank of America is not the first bank to boost minimum wages.
In June, Citigroup lifted its minimum wage in the United States to $15 an hour. JPMorgan Chase also announced its intention to raise wages
Many retail companies, including Amazon and Walmart have increased pay.