CHARLOTTE, N.C. — Bank of America announced on Wednesday it has raised its U.S. minimum hourly wage to $21.
Bank officials say this is the next step in the company’s plans to increase its U.S. minimum wage to $25 by 2025.
In May, officials say the company also announced its U.S. vendors are now required to pay their employees dedicated to the bank, at or above $15 per hour.
In the last four years, officials say Bank of American has raised its minimum hourly wage to $15 in 2017, $17 in 2019, and $20 in 2020.
“Our company’s focus on Responsible Growth requires that we provide a great place to work,” said Sheri Bronstein, chief human resources officer at Bank of America. “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.”