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Bank of America raises U.S. minimum hourly wage to $21

Stock MarketsOct 06, 2021 10:00AM ET
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© Reuters. FILE PHOTO: A Bank of America logo is pictured in the Manhattan borough of New York City, New York, U.S., January 30, 2019. REUTERS/Carlo Allegri

(Reuters) - Bank of America Corp (NYSE:BAC) said on Wednesday it had raised its U.S. minimum hourly wage to $21, as it works to keep its promise of increasing the pay to $25 an hour by 2025.

Bank of America in May disclosed plans to raise its minimum wages for its U.S. employees, joining a clutch of firms that have pledged to pay employees more after a year of pandemic risks and government subsidies fueled conversations on whether companies pay their workers enough.

The $25 figure is higher than at competitors, and the second-largest U.S. bank has also asked its vendors to set a minimum wage of $15 an hour.

In the last four years, Bank of America raised the minimum hourly wage to $20 from $15.

Companies have sometimes been prodded to boost wages by employee complaints that spill into the public sphere. But there are also political pressures and a competitive reality in which one big company outlines a higher pay scale and others follow suit.

Walmart (NYSE:WMT) Corp, Starbucks Corp (NASDAQ:SBUX), Amazon.com Inc (NASDAQ:AMZN) and CVS Health (NYSE:CVS) have raised or are planning to hike wages.

The current minimum wage at the federal level is $7.25 per hour, enacted more than a decade ago.

Bank of America raises U.S. minimum hourly wage to $21
 

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Comments (2)
Bran Hollywood
Bran Hollywood Oct 06, 2021 11:03AM ET
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Because the dollar gets you less
Sevantilal Patel
Sevantilal Patel Oct 06, 2021 10:09AM ET
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Current minimum wage is insane and shame on American business to foreigners.
 
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