Bank of America announced that it has decided to reduce the minimum wage to $21 an hour. At the same time, they also said that they will take further steps to set the minimum wage to $ 25 an hour, Which will be applicable from 1st January 2025.
In the last 4 years Bank of America has increased the foot hour minimum wage almost 3 times, In which the minimum wage was capped at $15 in 2017 and increased to $17 and $20 in 2019 and 2020 respectively.
“Our company’s focus on Responsible Growth requires that we provide a great place to work,” said Sheri Bronstein, chief human resources officer at Bank of America. “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.”
The new wage will be applicable to the employees of U.S. government and not to the respresent by the union.
The company will pay salaries to the employees reputed by the union under the current collective agreement, which is 15 dollars per hour.
