Bank of America will pay a $20 minimum wage a year earlier than planned

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MADISON, Wis. (WMTV)-- Bank of America says it will raise its minimum wage for its more than 200,000 employees in the U.S. to $20 an hour by the end of next year, CNN reports.

The company previously said it would make the raise to $20 an hour by 2021, but the tight American job market pushed the company to make the change earlier than expected.

In 2017, the bank's employees got a raise to a minimum of $15 an hour, according to CNN.

In Wisconsin, the minimum wage remains $7.25 an hour, which is also the minimum wage required by the federal government.

Bank of America will also be the first U.S. company to pay all of its employees $20 or more an hour.