JPMorgan Chase& Co. plans to increase the minimum hourly pay for 18,000employees in the U.S. to between $12.00 and $16.50 over the upcoming threeyears, Chairman, President and CEO Jamie Dimon wrote in an op-ed in The New York Times.

The exact rate will depend on geographic and market factors.The New York-based company's current minimum wage is $10.15 per hour.

The raise applies to the company's tellers and customer servicerepresentatives, and other lower-paid employees — working full- or part-time,as well as new hires, Dimon said in the piece.

Additionally, the company intends to invest more than $200million in 2016 on training entry-level workers in its consumer bankingbusiness, Dimon wrote.