As inflation plagues the US, Bank of America (BAC), is fulfilling its promise of raising the minimum salary paid to workers, which now stands at $22 per hour. This financial institution has always been at the forefront of paying employees above average base pays since 2017. During the year, it raised the company’s minimum base pay to $15.
Thereafter, the bank raised it to $17 per hour in 2019; to $20 per hour in 2020, and to $21 in 2021. Apparently, annual wage hikes will also take effect in 2023 up to 2025. Last year, it was announced that by the year 2025, the institution’s minimum hourly base pay will reach $25.
Moreover, BAC has also been requiring vendors doing business with the bank to adopt a minimum salary pay of $15 an hour for their respective employees.
The current $22 per hour wage hike will take effect by the end of June 2022.
Investing in Employees Has Always Been Core to BAC
Even before the pandemic, it has always been Bank of America’s desire to become a
great place for employees to work in. Sheri Bronstein, the Chief Human Resources Officer at BAC, remarked in a statement that their focus on making the company an excellent place in which to work, underscores the important roles played by workers in the bank’s success. She added that they will continue to invest in employees through competitive salaries and benefits, as well as provide resources that see to their overall well being. That way, the company will continue to attract the best talents in the industry.