Bank of America Raises Minimum Wage to $21, Plans for $25 by 2025
Bank of America, a NEC member, announced that it has raised its U.S. minimum wage to $21 an hour. This comes as the company works toward its goal of a $25 hourly minimum wage by 2025.
Over the past four years, Bank of America (BoA) has raised the minimum hourly wage to $15 in 2017; $17 in 2019; and $20 in 2020, putting the bank one year ahead of its 2025 schedule. In addition to its latest hourly minimum wage increase, in May 2021, BoA established a requirement that all of its U.S. vendors pay all employees dedicated to the bank $15 an hour or more. These efforts to establish a minimum rate of pay have gained BoA recognition in Fortune’s “Best Big Companies to Work For” list for three consecutive years.
“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.”
The New England Council celebrates Bank of America’s commitment to establishing a minimum rate of pay and for investing in its hardworking teammates.