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Bank of America raises U.S. minimum hourly wage to $21

The move is part of the company's plan to have the wage set at $25 by 2025.

CHARLOTTE, N.C. — Pay increases are on the way for some U.S. employees for Bank of America. 

The company announced on Wednesday, Oct. 6, that it raised the U.S. minimum hourly wage to $21 as the next step in Bank of America's plan to increase that rate to $25 by 2025. 

According to a news release from the company, the company has steadily increased the minimum wage for employees over the years. In 2017, the rate was raised to $15. In 2019, the rate rose to $17 and in 2020, it moved to $20 ahead of the company's schedule. 

In May, Bank of America also announced that all of its U.S. vendors are required to pay their employees dedicated to the bank, at or above $15 per hour.

“Our company’s focus on Responsible Growth requires that we provide a great place to work,” Sheri Bronstein, chief human resources officer at Bank of America, said in a press release from the company. “We make broad-ranging investments to attract and develop talented teammates who serve our clients and local communities every day, and who can build long, successful careers with our company. Today, we are taking another step forward, again increasing our minimum rate of pay for U.S. employees, demonstrating our commitment to sharing our success with teammates, and inspiring others to do the same.”

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