Bank of America to raise minimum wage to $25 per by 2025

Published 10:13 pm Tuesday, May 18, 2021

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By Ken Sweet, AP Business Writer

Bank of America plans to set the minimum wage for all positions at the company to $25 per hour by 2025.

It would be the highest minimum wage paid by a big bank and could pressure rivals to follow suit. Wages have been rising at major banks in recent years amid pressure from outside groups to address wealth inequality.

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The bank will also mandate that vendors it does business with pay their employees at least $15 per hour. The bank says 99% of its vendors are already in compliance at that level.

Bank of America raised its minimum wage to $15 per hour in 2017, to $17 per hour in 2019 and to $20 per hour last year, all under CEO Brian Moynihan.

The bank, based in Charlotte, North Carolina, has more than 210,000 employees.

Increasing the minimum wage across all industries has been a push by Democrats for several years. President Joe Biden campaigned on raising the Federal minimum wage to $15 per hour from its current level of $7.25. The proposal did not make it into the $1.9 trillion economic relief package that passed earlier this year, but Democrats have pledged to push for a minimum wage increase in a bill later this year.



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