Bank of America raised its U.S. minimum hourly wage to $21 as a next step in the company’s plans to increase pay to $25 by 2025. 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.
In the last four years, Bank of America raised the minimum hourly wage to $15 in 2017; in 2019 it rose that hourly pay 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,” 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.”
Bank of America’s efforts have been recognized by a number of external organizations including LinkedIn and Fortune, as the only financial services company included in Fortune’s “Best Big Companies to Work For” list for three consecutive years.
Current Issue - April 2024