Bank of America is raising its minimum hourly wage in the United States to $25 by 2025.
This move comes after a recent minimum wage increase to $20 per hour. Bank of America instituted this wage increase in March 2020.
“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, chief human resources officer at Bank of America, 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.”
Vendors working for Bank of America in the United States will also be required to meet specific wage requirements. The bank requires that all U.S. vendors pay employees that are dedicated to Bank of America $15 per hour or more.
According to Bank of America, more than 99 percent of the firm’s vendor firms and 43,000 vendor employees are at or above the $15 per hour wage rate as a result of this policy.
Bank of America raised its minimum wage to $17 from $15 in 2019. The wage increased to $20 in 2020.