[US] Bank of America will raise minimum wage to $25 an hour

On May 18, Bank of America said that its minimum wage will increase to $25 an hour by 2025. It also said that it would require all its US vendors to pay $15 an hour or more to employees who work with the bank, Fox Business reports.

According to Bank of America’s announcement, almost all vendor firms and employees are already paid at or above that rate, or higher because of its policy. (Link via original reporting)

In March 2020 the bank hiked its own minimum wage in the US to $20 per hour. The move reportedly came a year ahead of schedule, Bank of America had originally planned to raise its minimum wage to $20 in 2021.

Four years ago the bank increased its minimum hourly wage to $15 an hour and the minimum went up to $17 an hour in 2019. According to the announcement, since 2010 Bank of America has increased its minimum hourly wage by 121 per cent.

"A core tenet of responsible growth is our commitment to being a great place to work which means investing in the people who serve our clients," Sheri Bronstein - Bank of America’s chief human resources officer - said in a statement. "That includes providing strong pay and competitive benefits to help them and their families so that we continue to attract and retain the best talent."

On May 18, Bank of America said that its minimum wage will increase to $25 an hour by 2025. It also said that it would require all its US vendors to pay $15 an hour or more to employees who work with the bank, Fox Business reports.

According to Bank of America’s announcement, almost all vendor firms and employees are already paid at or above that rate, or higher because of its policy. (Link via original reporting)

In March 2020 the bank hiked its own minimum wage in the US to $20 per hour. The move reportedly came a year ahead of schedule, Bank of America had originally planned to raise its minimum wage to $20 in 2021.

Four years ago the bank increased its minimum hourly wage to $15 an hour and the minimum went up to $17 an hour in 2019. According to the announcement, since 2010 Bank of America has increased its minimum hourly wage by 121 per cent.

"A core tenet of responsible growth is our commitment to being a great place to work which means investing in the people who serve our clients," Sheri Bronstein - Bank of America’s chief human resources officer - said in a statement. "That includes providing strong pay and competitive benefits to help them and their families so that we continue to attract and retain the best talent."