5 Companies Raising Minimum Pay to $20 an Hour in 2022



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A number of years in the past, a handful of U.S. cities debated elevating their minimal wage to $15. On the time, there was fierce debate about whether or not such a transfer would wreck native economies.

Occasions have modified. Such controversy appears quaint in an period the place many corporations have blown previous a $15 beginning wage in an try to seek out staff in a extremely aggressive market.

Actually, some corporations at the moment are dangling $20 an hour or extra in hopes of attracting extra workers. Following are 5 corporations which have just lately hiked their beginning pay to that magic quantity, or that quickly will.

Financial institution of America

Bank of America
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In relation to elevating beginning pay, few can high Financial institution of America. Lately, the corporate announced that it’ll hike its minimal hourly wage to $22 on the finish of June. A full-time entry-level gig at BOA now nets you greater than $45,000 yearly.

And it doesn’t finish there. The corporate plans to hike beginning pay to $25 an hour by 2025.

Fifth Third Financial institution

Fifth Third Bank
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Fifth Third is one other financial institution the place wages are marching larger. On July 4, its minimal wage will leap to $20 an hour.

To have a good time, Fifth Third additionally will give raises to the employees on the first 4 job ranges above the financial institution’s minimal wage. Which means greater than 40% of Fifth Third workers will quickly see fatter paychecks.


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In April, Verizon announced it was mountaineering its minimal wage for brand new workers to $20 an hour for customer support staff. As well as, retail and inside gross sales staff additionally begin at $20 an hour whenever you mix base wage and goal fee.

Anybody making lower than $20 in these departments additionally acquired an automated increase to the upper quantity.

Constitution Communications

Charter Communications
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In March, broadband firm and cable operator Charter Communications raised its beginning wage to $20 an hour — together with goal commissions — for all staff.

Like with different corporations on this record, the Constitution enhance was a part of a broader plan to hike wages on the firm that dates again a number of years, with gradual pay hikes alongside the way in which.


T-Mobile store front and pedestrians.
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In December 2021, T-Mobile raised the minimal wage for all workers to $20. The corporate says the “overwhelming majority” of its workers already earned at the very least that quantity previous to the transfer.

Hoping to boost your wage? Try “8 Tips to Negotiate Your Salary.”

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