Bank of America announced that it will increase its minimum hourly wage to $ 25

The bank’s objective is to provide a better quality of life and work for its employees and families. The increase will be staggered and will have a widespread application up to 2025

Photo: Spencer Platt / Getty Images

The announcements of salary increases for US employees in various companies in the country have not stopped, especially so far in May. So far, the companies that have joined this trend belong to the service sector and retail stores, which are implementing a starting minimum wage of $ 15 dollars per hour .

For the experts This should not be surprising considering that the two industries where wage increases have been widespread in the country are the ones that have punished their employees the most. With the staff shortage, many firms have had to resort to these strategies to retain their staff.

However, one of the sectors that joins this wave of economic improvements in wages is the financial one , which has a business and remuneration model that is diametrically different from the retail, restaurant and service sectors in general.

A few hours ago, Bank of America reported that it plans to raise the minimum wage of its workers to $ 25 dollars per hour gradually from here to 2025. This increase represents that employee profits will have grown 121% since 2010, when an hourly rate was set it was $ 11, 30 dollars per hour .

Through a statement, the bank’s head of human resources, Sheri Bronstein, stated that raising the minimum wage will help Bank of America recruit new talent and, at the same time, provide better working and living conditions to those who are part of its production plant .

The executive said that the increase in payments is the reflection of “our commitment to being a great place to work, which means investing in the people who serve our clients”, thus providing a decent salary and competitive benefits for your employees and their families, you will attract and retain the best talent.

Our employees are the heart of our commitment to make financial lives better for our clients & communities. We are raising our US minimum wage to $ 25 / hour by 2025 and also requiring our US vendors pay employees dedicated to the bank, at or above $ 15 / hr https://t.co/zXCL3wlYqV pic.twitter.com/mWRpJiiZIR

– Bank of America News (@BofA_News) May 18, 2025

In addition, the financial institution reported that all their suppliers must pay to your employees involved with the bank $ 15 dollars per hour or more . In order to be in tune with the policies that Bank of America is implementing throughout the country.

According to the statement, as a result of the implementation of this policy salary, more than 99% Of the 2,000 supplier companies in the United States of the bank, which handle 43, 04 employees have a pay rate $ 15 per hour or more. They are expected to arrive at 100%.

Although Bank of America is taking the lead in the financial sector to raise the salaries of its employees, it is not known if other banks operating in the country will follow suit. For example, a future public announcement from a financial company in the same sense cannot be ruled out.

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