Bank of America to increase minimum hourly wage to $25 by 2025

Raised pay to $20 per hour last year

Courtesy image, Bank of America

Courtesy image, Bank of America

Bank of America announced Tuesday, May 18 it will raise its U.S. minimum hourly wage to $25 by 2025 in Washington state and across the nation.

In March 2020, 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, according to a Bank of America press release. 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.

“A core tenet of responsible growth is our commitment to being a great place to work which means investing in the people who serve our clients,” said Sheri Bronstein, chief human resources officer at Bank of America. “That includes providing strong pay and competitive benefits to help them and their families, so that we continue to attract and retain the best talent.”

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, according to the presss release. 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.


Talk to us

Please share your story tips by emailing editor@federalwaymirror.com.

To share your opinion for publication, submit a letter through our website https://www.federalwaymirror.com/submit-letter/. Include your name, address and daytime phone number. (We’ll only publish your name and hometown.) Please keep letters to 300 words or less.

More in Northwest

Google Images
Racial disparities in bike helmet law forces decision by King County health board

On Oct. 21, the King County Board of Health discussed striking down… Continue reading

Courtesy Photo, Public Health — Seattle King County
King County to require vaccination proof at certain events, businesses

Begins Oct. 25 at restaurants, bars, indoor recreational events

Stock photo
Washington nurse accused of being imposter for over a decade

Alieu Drammeh, 53, didn’t have a license, but was hired repeatedly around Puget Sound.

Geographic dispersion of Washington State Patrol commissioned personnel who lost their jobs Oct. 18. (Washington State Patrol)
Rather than get vaccine, nearly 1,900 state workers lose jobs

Exactly how many people will be out of work for ignoring Gov.… Continue reading

t
Flu vaccine offers best defense for people this season

State Department of Health recommends getting a shot

Eric Gunderson. COURTESY PHOTO, Washington State Patrol
Trooper Eric Gunderson’s family issues statement about his death from COVID-19

Press release answers inquiries about his vaccination status

Seattle Children’s Hospital (Courtesy photo)
Seattle Children’s Hospital identifies racial disparities in infections, security response

The healthcare provider did not respond to multiple requests for data used to identify disparities.

T
King County’s unemployment rate lower than most of Washington

South King County has been slower to recover compared to North King County.

Most Read