Bank of America will pay its US employees at least $21 an hour, the bank announced Wednesday.
why it matters: The increase – which means a substantial portion of the bank’s 174,000 employees in the US will go up – puts Bank of America at nearly three times the minimum. Salary $7.25 per hour, per CBS News.
big picture: The announcement comes as the bank announced In May the company plans to raise the minimum wage to $25 an hour by 2025.
- Bank of America, the nation’s second largest bank, has a track record of raising its minimum wage, raising its minimum wage from $15 in 2017 to $17 in 2019 and $20 in 2020.
- Bank of America also announced in May that it requires all of its U.S. vendors to pay its employees who devote $15 or more per hour to the bank’s business.
What are they saying: “Sherri Bronstein, Chief Human Resources Officer of Bank of America, said, “We make extensive investments in attracting and developing talented teammates who serve our customers and local communities every day, and who work with our company. long, successful careers.” Press release.
- “Today, we are taking another step forward, again increasing our minimum wage rate for American employees, demonstrating our commitment to sharing our success with teammates, and others as well. inspired to do so.”
go in: Effect of $15 Minimum Wage