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Bank of America Raises Minimum Wage to $25 an Hour

Bank of America is joining the raft of major companies, including McDonald's and Chipotle, that have recently boosted their starting pay.

Bank of America  (BAC) - Get Report said Tuesday that it was raising its minimum wage to $25 an hour, joining the raft of major companies that have recently boosted their starting pay.

The Charlotte financial-services giant in March 2020 had lifted its minimum wage to $20 an hour from $17.

Bank of America also said on Tuesday that all its U.S. vendors are now required to pay their employees dedicated to the bank at least $15 per hour.

Already more than 99% of the company’s 2,000-plus U.S. vendor firms and 43,000 vendor employees are at or above the $15 hourly rate, Bank of America said.

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“A core tenet of responsible growth is our commitment to being a great place to work, which means investing in the people who serve our clients,” Sheri Bronstein, chief human resources officer at Bank of America, said in a statement.

“That includes providing strong pay and competitive benefits to help them and their families, so that we continue to attract and retain the best talent.”

In other wage news, Chipotle Mexican Grill  (CMG) - Get Report said last week that it was raising pay at its restaurants, resulting in a $15 average hourly wage by the end of June.

Also last week, McDonald's  (MCD) - Get Report unveiled wage increases at company-owned restaurants.

Pay for the 36,500 employees working at company-owned restaurants will rise by 10%, to a range of $11 to $17 an hour for entry-level and $15 to $20 an hour for shift managers.

And finally last week, Amazon  (AMZN) - Get Report said it would hire 75,000 workers in fulfillment and transportation starting at $17 an hour.