$21 is the new $15 in minimum wages at more companies

USAA is increasing wages by a little over 30% for its lowest-paid employees, as the nation's 29th-biggest bank joins Bank of America — the second-largest — in paying an hourly rate of at least $21.

The wage hike took effect on Sunday and translates into an annual salary of $43,680, in addition to retirement and other benefits, the San Antonio, Texas-based employer of 36,000 announced on Monday. Prior to this week, USAA had been paying an hourly minimum of $16, a buck more than the $15 minimum being called for in proposals to increase the federal minimum wage of $7.25.  READ MORE