North Carolina-based banking company Bank of America, the nation’s second-largest bank, announced Tuesday (May 18) it will raise its U.S. minimum hourly wage to $25 by 2025. In March last year, the company raised its U.S. minimum wage to $20 per hour.
In addition, Bank of America said all its U.S. vendors are now required to pay their employees dedicated to the bank, at or above $15 per hour. Today, over 99% 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, as a result of the implementation of this policy.
“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.”
Since 2010, the company’s minimum hourly wage will have increased by more than 121% (an increase of nearly $14 per hour). In the past four years, Bank of America raised the minimum hourly wage to $15; in 2019 it rose to $17 and in 2020, to $20 — one year ahead of schedule.