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

by Mike Robinson

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© Reuters. FILE PHOTO – A Bank of America logo can be seen in Manhattan, New York City. This was taken on January 30, 2019, U.S.A. REUTERS/Carlo Allegri

(Reuters) – Bank of America Corp (NYSE:) said on Wednesday it had raised its U.S. minimum hourly wage to $21, as it works to keep its promise of increasing the pay to $25 an hour by 2025.

Bank of America announced in May plans to increase its minimum wage for U.S. workers. It joins a group of companies that pledged to pay more employees after one year of government subsidies and pandemic risk. This led to conversations about whether employers pay enough.

This figure of $25 is more than that at rivals, and the bank with the 2nd largest U.S. deposit has asked vendors to establish a $15 minimum wage.

Bank of America increased the minimum hourly wage from $15 to $20 in the four-years prior.

Sometimes, employees have complained about companies pushing them to raise wages. However, there are other competitive realities and political pressures that can force companies to increase their pay.

Walmart (NYSE:) Corp, Starbucks Corp (NASDAQ.com Inc. (NASDAQ.com:) and CVS Health. (NYSE.:) have increased or plan to increase wages.

Current federal minimum wage is $7.25/hour, which was established over a decade ago.

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