Monday, October 18, 2021

BofA raises minimum wage again to $25 an hour

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.”

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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.

Read more: Walgreens launches $15 hourly wage amid worker shortages

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.

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