CHARLOTTE, N.C. — Wells Fargo has announced it will raise the minimum hourly pay levels in a majority of its U.S. markets.

Officials say the raises will be based on various factors, including the different markets' cost of living, and will range from $15 to $20. In Charlotte, the minimum hourly pay rate will be increased to $16.

The increases are expected to take effect by the end of 2020, and will impact more than 20,000 employees based in the United States.

“Companies have an obligation to help communities and employees reach their potential. An important part of this is ensuring we are doing our part to pay employees at a rate which recognizes the difference in cost of living across the country,” CEO Charlie Scharf said in a news release. “Our employees are our most valuable resource, and these pay increases are just one way we are investing in our people and ensuring that Wells Fargo continues to be a great place to work.”

In 2015, Wells Fargo increased its minimum hourly base pay by 32 percent, and raised it again in March of 2018 to $15.

Wells Fargo says the increase is an additional step being taken to "enrich compensation programs and enhance benefits offerings for employees, especially those U.S.-based employees who are at the lower part of the pay range."

The company says it has also made changes to healthcare costs for U.S.-based employees at the lower part of the pay range that will lower or keep premiums flat for roughy 70 percent of employees.