PROVIDENCE – Bank of America Corp. is raising its minimum wage to $25 per hour by 2025, the company announced in a news release.
The wage hike represents a $5 increase over the $20 hourly minimum wage the company started in 2020.
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Bank of America is also now requiring its U.S. vendors to pay at least $15 an hour to their employees. Over 99% of the company’s 2,000 vendor firms – representing 43,000 vendor employees – already make at least this rate, the release stated.
By 2025, Bank of America will have increased its hourly minimum wage more than 121%, or $14, since 2010. In the last four years, the company has upped its minimum hourly wage by $4.
Nancy Lavin is a PBN staff writer. You may reach her at Lavin@PBN.com.
