CHARLOTTE, N.C. — Bank of America announced plans Tuesday to raise it U.S. minimum hourly wage to $25 by 2025. The company said in March of 2020 they raised their hourly U.S. wage to $20 per hour.
Bank of America also announced that all of its U.S. vendors are now required to pay their employees dedicated to the bank at least $15 per hour.
Company officials said over 99 percent of the company’s more than 2,000 U.S. vendor firms and 43,000 vendor employees are at or above the $15 per hour rate.
“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.”
