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Bank of America Increased the Minimum Wage

Bank of America announced on Tuesday that it raises the hourly minimum wage of its US employees to $25 by 2025. Brian Moynihan, CEO said that it costs a few hundred million a year but it is an investment. This increment can provide a great standard of living for our teammates.

Moynihan also added that paying more also helps give employees a career mindset and ultimately breeds loyalty. This way shareholders get paid back in this initiative. The key is for big companies like ours to set a standard. It is a big success for the community.

This is not the first time Bank of America has raised the minimum wage for its employees. In 2017 the bank raised its minimum wage to $15 an hour. Two years later the company announced it would lift that level to $20 over the coming two years and did so ahead of schedule, with an increase that impacted more than 200,000 workers.The bank also made another move in the nationwide debate around minimum wage, which picked up during the pandemic and following the inauguration of President Joe Biden, who supports lifting the federal minimum wage to $15 an hour. The president approved this in his address to the joint session of Congress on April 28.

Biden also signed an executive order lifting the minimum wage for federal contract workers to $15 in early 2022 from the current level of $10.95 last month.At Bank of America, along with the employee changes announced Tuesday, the bank will also require its vendors and suppliers to pay their employees at least $15 an hour. This affects more than 2,000 vendor firms and 43,000 vendor employees. Already, 99% of vendors are now paying $15 an hour minimum.

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