Seattle — May 18, 2021 —Today, Bank of America announced it will raise its U.S. minimum hourly wage to $25 by 2025. In March last year, the company raised its U.S. minimum wage to $20 per hour.
In addition, Bank of America announced that all its U.S. vendors are now required to pay their employees dedicated to the bank, at or above $15 per hour. Today, over 99% of the company’s more than 2,000 U.S. vendor firms and 43,000 vendor employees are at or above the $15 per hour rate, as a result of the implementation of this policy.
“Bank of America has taken yet another big step in demonstrating our commitment to our teammates by increasing our U.S. hourly wage to $25/hour by 2025,” said Kerri Schroeder, President for Bank of America Seattle. “This is a clear message that we’re a great place to work, and we hope to attract and retain top talent, who in turn, serve our clients and communities.”
Bank of America’s increase to paying $25 per hour builds on the company’s history of being an industry leader in establishing a minimum rate of pay for its U.S. hourly employees. Since 2010, the company’s minimum hourly wage will have increased by more than 121% (an increase of nearly $14 per hour). In the last four years, Bank of America raised the minimum hourly wage to $15; in 2019 it rose to $17 and in 2020, to $20 — one year ahead of schedule.
Bank of America’s pay-for-performance philosophy reinforces the company’s core values and culture by inspiring employees to do great work, encouraging and retaining talent, and building trust within teams. Its efforts have been recognized by a number of external organizations including LinkedIn and Fortune, as the only financial services company included in Fortune’s “Best Big Companies to Work For” list for three consecutive years.