Bank of America to Raise U.S. Minimum Hourly Wage to $25 by 2025
By Colin Kellaher
Just over one year after raising its U.S. minimum wage to $20 an
hour, Bank of America Corp. on Tuesday said it plans to raise its
hourly minimum to $25 by 2025.
The Charlotte, N.C., banking giant also said it is requiring all
its of its U.S. vendors to pay employees who are dedicated to the
bank at least $15 an hour.
In March 2020, Bank of America raised its minimum hourly wage to
$20, a year ahead of plan, after boosting it to $17 an hour in
President Biden campaigned on a pledge to raise the federal
minimum wage to $15 an hour, but a February push by Democrats to
include the increase in the $1.9 trillion Covid-19 relief package
was unsuccessful. Mr. Biden in late April signed an executive order
requiring that federal contractors pay a $15-an-hour minimum
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(END) Dow Jones Newswires
May 18, 2021 11:25 ET (15:25 GMT)
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