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.”