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

Advertising Disclosure: When you buy something by clicking links on our site, we may earn a small commission, but it never affects the products or services we recommend.

Woman at her job
vgstudio / Shutterstock.com

Several years ago, a handful of U.S. cities debated raising their minimum wage to $15. At the time, there was fierce debate about whether such a move would wreck local economies.

Times have changed. Such controversy seems quaint in an era where many companies have blown past a $15 starting wage in an attempt to find workers in a highly competitive marketplace.

In fact, some companies are now dangling $20 an hour or more in hopes of attracting more employees. Following are five companies that have recently hiked their starting pay to that magic number, or that soon will.

Bank of America

Bank of America
Tero Vesalainen / Shutterstock.com

When it comes to raising starting pay, few can top Bank of America. Recently, the company announced that it will hike its minimum hourly wage to $22 at the end of June. A full-time entry-level gig at BOA now nets you more than $45,000 annually.

And it doesn’t end there. The company plans to hike starting pay to $25 an hour by 2025.

Fifth Third Bank

Fifth Third Bank
Jonathan Weiss / Shutterstock.com

Fifth Third is another bank where wages are marching higher. On July 4, its minimum wage will jump to $20 an hour.

To celebrate, Fifth Third also will give raises to the workers at the first four job levels above the bank’s minimum wage. That means more than 40% of Fifth Third employees will soon see fatter paychecks.


Jonathan Weiss / Shutterstock.com

In April, Verizon announced it was hiking its minimum wage for new employees to $20 an hour for customer service workers. In addition, retail and inside sales workers also start at $20 an hour when you combine base salary and target commission.

Anyone making less than $20 in those departments also got an automatic raise to the higher amount.

Charter Communications

Charter Communications
Eyesonmilan / Shutterstock.com

In March, broadband company and cable operator Charter Communications raised its starting wage to $20 an hour — including target commissions — for all workers.

Like with other companies on this list, the Charter increase was part of a broader plan to hike wages at the company that dates back several years, with gradual pay hikes along the way.


T-Mobile store front and pedestrians.
Northfoto / Shutterstock.com

In December 2021, T-Mobile raised the minimum wage for all employees to $20. The company says the “vast majority” of its employees already earned at least that amount prior to the move.

Hoping to raise your wage? Check out “8 Tips to Negotiate Your Salary.”

Get smarter with your money!

Want the best money-news and tips to help you make more and spend less? Then sign up for the free Money Talks Newsletter to receive daily updates of personal finance news and advice, delivered straight to your inbox. Sign up for our free newsletter today.