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Bank of America raising hourly minimum wage to $25 starting in 2025

Posted at 12:08 PM, May 18, 2021
and last updated 2021-05-19 01:52:34-04

Bank of America is raising the minimum wage for its employees.

The bank said it will raise its hourly minimum wage to $25 per hour by 2025.

The company's CEO says it will cost hundreds of millions of dollars per year, but the policy will increase loyalty and pay shareholders back in the long term.

Bank of America says it will also require all of its vendors and suppliers to pay employees at least $15 per hour.