Bank of America to Raise Minimum Wage to $25 Per Hour in Race for Talent
- Wage to hit that level by 2025; was $20 in March last year
- U.S. vendors required to pay employees $15 an hour or more
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Bank of America Corp. will boost its minimum hourly wage to $25 an hour by 2025 from a current $20, according to its Chief Executive Officer Brian Moynihan.
The move follows four years of pay increases that brought the company’s minimum wage to an hourly $20 in 2020 from $15. The Charlotte, North Carolina-based lender will also require its U.S. vendors to pay employees dedicated to the bank $15 per hour or more, Moynihan announced in an interview on CNN. Of more than 2,000 vendors with 43,000 employees, over 99% meet that threshold, the bank said in a separate statement.