Bank of America Corp. will boost its minimum hourly wage to $25 an hour by 2025 from a current $20, according to its Chief Executive Officer Brian Moynihan.
The move follows four years of pay increases that brought the company’s minimum wage to an hourly $20 in 2020 from $15.
The Charlotte, North Carolina-based lender will also require its U.S. vendors to pay employees dedicated to the bank $15 per hour or more, Moynihan announced in an interview on CNN.
Of more than 2,000 vendors with 43,000 employees, over 99% meet that threshold, the bank said in a separate statement.
“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,” said Sheri Bronstein, chief human resources officer at Bank of America, said in the statement.