Bank of America Increases US Minimum Hourly Wage to $21 as Next Step to $25 by 2025
Today, Bank of America announced it has raised its U.S. minimum hourly wage to $21 as a next step in the company’s plans to increase 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.
This builds on the company’s history of being a leader in establishing a minimum rate of pay for its U.S. hourly employees. In the last four years, Bank of America raised the minimum hourly wage to $15 in 2017; in 2019 it rose 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.
At Bank of America, we’re guided by a common purpose to help make financial lives better, through the power of every connection. We’re delivering on this through responsible growth with a focus on our environmental, social and governance (ESG) leadership. ESG is embedded across our eight lines of business and reflects how we help fuel the global economy, build trust and credibility, and represent a company that people want to work for, invest in and do business with. It’s demonstrated in the inclusive and supportive workplace we create for our employees, the responsible products and services we offer our clients, and the impact we make around the world in helping local economies thrive. An important part of this work is forming strong partnerships with nonprofits and advocacy groups, such as community, consumer and environmental organizations, to bring together our collective networks and expertise to achieve greater impact. Connect with us on Twitter (@BofA_News).
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Eliza Murphy, Bank of America