Bank of America Raises Minimum Wage to $22 Per Hour

Yahoo: Bank of America Corp said it was raising its U.S. minimum hourly wage to $22 on Monday, a step closer to its promise of paying workers $25 an hour by 2025. The second-largest U.S. bank by assets has been steadily raising its minimum hourly wage since 2017, when it was $15, and has been at the leading edge of banks raising base pay for hourly workers. Last year the bank pledged to pay its workers at least $25 an hour by 2025, the highest minimum wage of any big retail bank, and also began requiring its vendors to set a minimum wage of $15 an hour. This latest pay hike comes as inflation in the U.S. hovers at a 40-year high, raising prices for food, healthcare and rent, which, in March, hit the highest level since 2006 (Yahoo). 

CBS: Should BofA reach its wage target for 2025, its minimum hourly pay will have increased by nearly $14 — a jump of more than 121% since 2010, it said. BofA last year required its U.S. vendors pay their employees who work on the bank’s business at least $15 an hour (CBS).