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By Victor Omondi
The Bank of America announced Tuesday that it was raising the minimum hourly wage for its employees to $25.
This is the latest wage increment by the banking giant based in Charlotte, North Carolina after it had raised its workers’ minimum wage to $20 from $17 in March last year.
Bank of America is among McDonald’s, Walmart, Starbucks, and Amazon, who also announced their plans to increase their employees’ hourly pay. The banking giant also said it will require all of its U.S. vendors to pay their employees whose work is dedicated to the bank at least $15 an hour. The bank announced that over 99% of its 2,000 plus vendor firms and 43,000 vendor employees are at or above the $15 per hour rate.
Grand Rapids Business Journal
Courtesy Bank of America
A national bank with a sizeable West Michigan presence said it will raise its U.S. minimum hourly wage to $25 by 2025.
In addition, Bank of America said last week that all of its U.S. vendors are now required to pay their employees dedicated to the bank at or above $15 per hour. Today, over 99% of the company’s more than 2,000 U.S. vendor firms and 43,000 vendor employees are at or above the $15 per hour rate as a result of implementing this policy.
“A core tenet of responsible growth is our commitment to being a great place to work, which means investing in the people who serve our clients,” said Sheri Bronstein, chief human resources officer at Bank of America. “That includes providing strong pay and competitive benefits to help them and their families so that we continue to attract and retain the best talent.”
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The FINANCIAL Bank of America announced it will raise its U.S. minimum hourly wage to $25 by 2025. In March last year, the company raised its U.S. minimum wage to $20 per hour.
In addition, Bank of America announced that all its U.S. vendors are now required to pay their employees dedicated to the bank, at or above $15 per hour. Today, over 99% of the company’s more than 2,000 U.S. vendor firms and 43,000 vendor employees are at or above the $15 per hour rate, as a result of the implementation of this policy, Bank of America notes.
“A core tenet of responsible growth is our commitment to being a great place to work which means investing in the people who serve our clients,” said Sheri Bronstein, chief human resources officer at Bank of America. “That includes providing strong pay and competitive benefits to help them and their families, so that we continue to attract and retain the best talent.”