Bank Of America Plans To Increase The Minimum Wage To $25 Per Hour By 2025.

NEW YORK  — By 2025, Bank of America intends to raise the minimum wage to $25 per hour for all employees.

That will be the highest minimum wage paid by a major bank, putting pressure on competitors to do the same. Wages at major banks have risen in recent years as a result of demand from outside groups to counter income inequalities.

The bank would now require that suppliers for which it does business pay their employees a minimum wage of $15 per hour. According to the bank, 99 % of its vendors have already achieved that degree of compliance.

Under the leadership of CEO Brian Moynihan, Bank of America increased the minimum wage to $15 an hour in 2017, $17 an hour in 2019, and $20 an hour last year.

The bank, which is headquartered in Charlotte, North Carolina, employs over 210,000 people.

Democrats have been pushing to raise the minimum wage in all sectors for many years. President Joe Biden worked on increasing the federal minimum wage from $7.25 to $15 per hour. While the measure was not included in the $1.9 trillion economic stimulus package approved earlier this year, Democrats have promised to press for a minimum wage hike in a bill later this year.

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