Bank Of America Raises US Minimum Hourly Wage To $21; Plans To Increase To $25 By 2025 - Quick Facts

(RTTNews) - Bank of America (BAC) announced Wednesday that it has raised its U.S. minimum hourly wage to $21 as a next step in the company's plans to increase it to $25 by 2025.

In May, the company also announced that all of its U.S. vendors are now required to pay their employees dedicated to the bank, at or above $15 per hour.

This builds on the company's history of establishing a minimum rate of pay for its U.S. hourly employees. In the last four years, Bank of America raised the minimum hourly wage to $15 in 2017, to $17 in 2019 and to $20 in 2020, one year ahead of schedule.