Bank of America has announced that it is raising the US minimum wage to $ 22, taking it one step closer to its premise of paying employees $ 25 an hour by 2025.
The second largest asset-based bank in the US has been steadily raising its minimum hourly wage since 2017, when it was at $ 15, and is at the top of the banks that raise the base hourly wage.
Last year, the bank pledged to pay its employees at least $ 25 an hour by 2025, the highest minimum hourly wage among major banks.
This latest wage increase comes as US inflation hits a 40-year high, boosting food, healthcare and rental prices, which reached their highest level since 2006 in March.
There is also a record number of job vacancies, which means that banks face stiff competition in their efforts to recruit new employees and prioritize retaining existing employees.
Sheri Bronstein, the bank’s human resources director, stressed that increases and other bonuses from the bank are part of our “focus on being a great place to work, so that we can continue to attract and retain the best talent.” “.
Source: Capital
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