Bank of America raises hourly minimum wage to $22

Reuters

By Elizabeth Dilts Marshall

NEW YORK – 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.[ nL4N2R227T]

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.


There are also a record number of unfilled jobs, which means banks face stiff competition for hiring new workers and are putting a high priority on keeping the workers they have.

Sheri Bronstein, chief human resources officer, said the bank’s raises and other benefits are part of “our focus on being a great place to work … so that we continue to attract and retain the best talent.”

In January the bank gave around 97% of its employees special compensation awards, most in the form of restricted stock units.

(Reporting by Elizabeth Dilts Marshall; Editing by David Gregorio)

tagreuters.com2022binary_LYNXNPEI4M0CN-BASEIMAGE

tagreuters.com2022binary_LYNXNPEI4M0I2-BASEIMAGE

You appear to be using an ad blocker

Shore News Network is a free website that does not use paywalls or charge for access to original, breaking news content. In order to provide this free service, we rely on advertisements. Please support our journalism by disabling your ad blocker for this website.