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Bank of America lifts minimum hourly pay to $21

Daily Record Staff//October 6, 2021

Bank of America lifts minimum hourly pay to $21

By Daily Record Staff

//October 6, 2021

Bank of America announced Wednesday it has raised its U.S. minimum hourly wage to $21 as a next step in the company’s plans to increase to $25 by 2025.

In May, the company also announced that all of its U.S. vendors are now required to pay their employees dedicated to the bank, at or above $15 per hour.

The move by Bank of America, the largest bank in Maryland and the second-biggest in the nation, is part of a broader movement to elevate minimum pay levels by retailers, financial institutions and other businesses as employers compete for workers in a tight labor market.

In the last four years, Bank of America raised the minimum hourly wage to $15 in 2017; in 2019 it rose to $17 and in 2020, to $20 — one year ahead of the bank’s announced schedule.


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