by Katherine Doherty | bloomberg
Bank of America is raising its minimum hourly wage to $21, taking another step toward its goal of paying $25 by 2025.
The move, announced Wednesday, pays off $20, a level the firm enacted last year ahead of schedule. A $21 salary translates into a full-time annual salary of $43,680. It follows a series of hikes that raised the firm’s base salary by $15 in 2017.
“Responsible development requires that we provide a great place to work,” Sherry Bronstein, who oversees human resources at the Charlotte, North Carolina-based lender, said in a statement. “We make extensive investments to attract and develop talented teammates who serve our customers and local communities every day, and who can build long, successful careers with our company.”
Retailers, restaurants and ride-hailing services are among businesses that are raising wages, trying to lure or hold on to employees as the economy bounces back from a pandemic slowdown. Many employers are trying to staff together, customers returning to shop, bank and attend individual events.
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In May, Bank of America required its US vendors to pay at least $15 an hour to its employees dedicated to the bank.
If Bank of America meets its 2025 target, its minimum hourly wage will have climbed by about $14, or more than 120%, since 2010, according to the firm.