Bank of America says it has raised its minimum wage in the U.S. to $22 an hour with plans to raise it to $25 an hour by 2025.
Bank of America, in a news release, says it is raising their minimum wage to $22 an hour which will go into effect by the end of June after steadily increasing it over the last few years. The new annualized salary for full-time employees will start at $45,000.
“Our focus on being a great place to work is core to everything we do and underscores the role our teammates play in our success We continue to invest in our teammates and their priorities through competitive pay; industry-leading benefits and resources for physical, emotional, and financial wellbeing; long-term career development tools and programs; and in our diversity, equity and inclusion efforts across the company, so that we continue to attract and retain the best talent,” said Sheri Bronstein, chief human resources officer at Bank of America.
The plan for Bank of America is to raise it to $25 an hour by 2025, according to CBS News. They say Bank of America’s plan comes during a time where the market labor has been tight and by increasing minimum wages, they are hoping to attract new employees amidst the “surging inflation.” CBS News also says the minimum wage grew 121% percent since June 2010 when the minimum wage was $14.
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