Target isn't the only private-sector employer raising wages.
Bank of America, the nation's second-largest bank, said Tuesday that it will incrementally boost its minimum wage to $20 per hour over the next two years. The first bump will come in May, when Bank of America's minimum wage will become $17 per hour, up from the current $15 per hour, TV station WGAL reported.
“If you get a job at Bank of America, you’ll make $41,000 (a year)," Bank of America CEO Brian Moynihan said during an interview on MSNBC. “With the success our company has ... we have to share that success with our teammates.”
The U.S. minimum wage is $7.25 per hour, unchanged since 2009.
The move by Bank of America comes shortly after a chief competitor, JPMorgan Chase, said it would boost minimum wage from $15 to $18 per hour for employees in areas such as Washington with a higher cost of living.
Bank of America has more than 200,000 employees, according to WGAL.