WASHINGTON: Bank of America Corp said on Wednesday that it had raised the minimum US hour wages to $ 21, because it worked to keep its promise to increase wages to $ 25 per hour in 2025.
Bank of America in May revealed plans to raise The minimum wage for US employees, joining the company’s clutch promised to pay more employees after one year the risk of pandemic and government subsidies triggered conversations on whether the company was enough to pay their workers.
The number of $ 25 is higher than in competitors, and the second largest US bank has also requested its vendor to set a minimum wage of $ 15 per hour.
In the past four years, Bank of America raised a minimum hourly wage to $ 20 of $ 15.
The company is sometimes encouraged to increase wages by complaints of employees who shed to public spaces.
But there are also political pressures and competitive reality where one large company describes a higher salary scale and the other follows.
Walmart Corp, Starbucks Corp, Amazon.com Inc.
and CVS Health have raised or planned to climb wages.
The current minimum wage at the federal level is $ 7.25 per hour, it applies more than a decade ago.