Bank of America will raise its U.S. minimum wage to $25 an hour by 2025, the company announced today.
In March 2020, the Charlotte-based bank raised its U.S. minimum from $17 an hour to $20 per hour.
Bank of America 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. More than 99% of the company’s 2,000-plus U.S. vendors currently meet that requirement, the bank said in a statement.
“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,” said Sheri Bronstein, chief human resources officer at Bank of America. “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.”
When the $25 rate takes effect, the bank’s minimum wage will have increased by more than 121%, or nearly $14 per hour, since 2010.
The federal minimum wage was last raised in 2009 to $7.25 an hour. Democrats in Congress had pushed for a $15 minimum earlier this year, but that effort failed after it got no support from congressional Republicans.