- Bank of America Corp (NYSE: BAC) announced this week that it has raised its U.S. minimum hourly wage to $21. These are the details.
Bank of America Corp (NYSE: BAC) announced this week that it has raised its U.S. minimum hourly wage to $21 as a next step in the company’s plans to increase to $25 by 2025. Back in May, the company also announced that all of its U.S. vendors are now required to pay their employees dedicated to the bank, at or above $15 per hour.
This builds on Bank of America’s history of being a leader in establishing a minimum rate of pay for its U.S. hourly employees. Over the last four years, Bank of America raised the minimum hourly wage to $15 in 2017; in 2019 it rose to $17 and in 2020, to $20 — one year ahead of schedule.
“Our company’s focus on Responsible Growth requires that we provide a great place to work. We make broad-ranging investments to attract and develop talented teammates who serve our clients and local communities every day, and who can build long, successful careers with our company. Today, we are taking another step forward, again increasing our minimum rate of pay for U.S. employees, demonstrating our commitment to sharing our success with teammates, and inspiring others to do the same.”
— Sheri Bronstein, chief human resources officer at Bank of America