LAS VEGAS (KLAS)— Bank of America announced that it will now pay U.S. employees at least $21 an hour.
The company announced this on Wednesday in a step toward the company’s multi-year plan to increase pay to $25 by 2025.
“We are taking another step forward, again increasing our minimum rate of pay for U.S. employees, demonstrating our commitment to sharing our success with teammates, and inspiring others to do the same,” Sheri Bronstein, chief human resources officer at Bank of America in a press release.
In the last four years, Bank of America raised its minimum wage to $15 in 2017, $17 in 2019, and $20 in 2020.
“Our company’s focus on responsible growth requires that we provide a great place to work,” Bronstein added. “We make broad-ranging investments to attract and develop talented teammates who serve our clients and local communities every day, and who can build long, successful careers with our company.”
Bank of America’s pay is nearly three times the federal minimum wage, which has been fixed at an hourly rate of $7.25 since 2009.