BofA raises minimum wage again to $ 25 an hour – Daily News
By Katherine Doherty | Bloomberg
Bank of America raised his minimum hourly wage to $ 21, one step closer to the goal of paying $ 25 by 2025.
The move, announced Wednesday, brings in $ 20, a level the company adopted last year ahead of schedule. A salary of $ 21 translates into a full-time annualized salary of $ 43,680. It extends a series of hikes to raise the company’s base salary by $ 15 in 2017.
“Responsible growth requires that we provide a great place to work,” said Sheri Bronstein, who oversees the human resources of the Charlotte, North Carolina-based lender, in a statement. “We are making large-scale investments to attract and develop talented teammates who serve our customers and local communities on a daily basis, and who can build long and successful careers with our company. “
Retailers, restaurants and ridesharing services are among the companies that increased salaries, trying to attract or retain employees as the economy rebounds from a pandemic crisis. Many employers try to recruit staff simultaneously, with customers returning to shop, bank, and attend events in person.
In May, Bank of America required its U.S. suppliers to pay their dedicated bank employees at least $ 15 an hour.
If Bank of America reaches its goal for 2025, its minimum hourly wage will have climbed nearly $ 14, or more than 120%, since 2010, according to the firm.