Bank of America has increased the minimum wage for its employees to $17 per hour.
The bank’s increase went into effect May 1, with plans to hike the wage to $20 per hour by 2021.
The Bank of America minimum wage increase is nationwide, including the three branches and a Merrill Lynch Wealth Management office with about 50 employees in Santa Fe.
Bank of America has 21 branches and five Merrill Lynch offices in New Mexico with 750 employees. About 200 employees are affected by the new minimum wage. Fourteen branches are in Albuquerque, three in Santa Fe and one each in Farmington, Gallup, Las Cruces and Rio Rancho.
The bank increased minimum pay to $15 in 2017 and has increased its lowest wage by $6 since 2010, according to a news release.
Another Santa Fe employer, Meow Wolf, increased its minimum wage from $15 an hour to $17 per hour earlier this month.