The financial institution has announced plans to raise its minimum wage to $20 per hour in the next two years. The first step in that process will be made May 1, when the lowest salary will be $17 per hour. The bank has also frozen healthcare cost increases for its lower-paid employees.

Chairman and CEO Brian Moynihan made the announcement on MSNBC’s Morning Joe Tuesday morning, declaring “If you get a job at Bank of America, you’ll make $41,000”.

Two years ago, Bank of America raised its minimum wage from $13.50 to $15 per hour. It’s not the only bank doing so. JPMorgan Chase, last year, announced plans to raise its minimum wage to between $15 and $18, depending on local costs of living.

Those increases followed a 2013 report from The Committee for Better Banks, which found that one-third of bank tellers were forced to depend on some form of public assistance.

Moynihan’s announcement comes one day before he’s scheduled to appear before a congressional hearing that will focus on issues including executive pay and income inequality.

Bank of America employs over 204,000 people nationwide.