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Bank of America has announced it is raising its minimum wage to $25 by 2025, and asks vendors to pay at least $15 per hour.

COURTESY: BANK OF AMERICA - Sheri Bronstein, head of HR at Bank of America, which says it plans on raising its minimum wage to $25 an hour by 2025.

Bank of America has announced it is raising its minimum wage to $25 by 2025. It also announced that all its U.S. vendors are now required to pay their employees dedicated to the bank, at or above $15 per hour. Over 99% of the company's more than 2,000 U.S. vendor firms and 43,000 vendor employees are at or above the $15 per hour rate, as a result of the implementation of this policy.

The raise will benefit nearly 50,000 employees.

In March of 2020, Bank of America raised its minimum wage to $20 per hour.

"A core tenet of responsible growth is our commitment to being a great place to work, which means investing in the people who serve our clients," said Sheri Bronstein, chief human resources officer at Bank of America. "That includes providing strong pay and competitive benefits to help them and their families, so that we continue to attract and retain the best talent."

COURTESY: BOA - Bank of America will pay at least $25 an hour by 2025.

Bank of America's increase to paying $25 per hour builds on the company's history of being an industry leader in 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 2019 it rose to $17 and in 2020, to $20.

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