Bank of America to Increase US Minimum Hourly Wage to $25 by 2025
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- Bank of America Wednesday announced that it will raise its U.S. minimum hourly rate to $25 by 2025. In March 2020, the company had raised it to $20 per hour. In 2019, it increased it to $17
- Further, BOA says all its U.S. vendors are now required to pay their employees dedicated to the bank at least $15 per hour. As a result, about 99% of the company's more than 2,000 U.S. vendor firms and 43,000 vendor employees are at or above the $15 hourly mark
- To BOA, it's all about investing in people and creating a thriving work culture
- “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,” said Sheri Bronstein, chief human resources officer at Bank of America. “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.”