Bank of America is now paying its U.S. workforce at least $21 an hour; nearly three times the federal minimum wage of $7.25, which has not moved in 10 years even though a majority of Americans support an increase.
The pay hike announced by the nation’s second-biggest bank on Wednesday follows BofA’s May pledge to pay its workers a minimum hourly wage of $25 by 2025.
The North Carolina-based bank is also requiring its U.S. vendors pay their workers who are dedicated to the bank’s business at least $15 an hour.
BofA’s pay hike impacts a sizable number of its 174,000 labour force in the U.S. and continues a trajectory that began with the bank raising its hourly minimum to $15 in 2017, then to $17 in 2019 and to $20 last year.
Tags Bank of America U. S. minimum wage wages
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