(CNN) — Bank of America is raising its minimum wage.
The bank says employees receiving its lowest compensation will see their paychecks rise to $17 an hour beginning May 1.
That base pay will then climb incrementally until 2021 when it will hit $20 dollars an hour.
The company’s CEO made the announcement Tuesday in an interview with MSNBC.
It’s unclear how many employees will benefit from the wage increase.
Bank of America employs more than 200,000 people worldwide.
Of those, nearly 170,000 work in the U.S.