In addition to raising pay by 2025, Bank of America said Tuesday it's requiring all its U.S. vendors to pay their employees at least $15 per hour. File Photo by Alexis C. Glenn/UPI | License Photo
May 18 (UPI) -- Bank of America announced Tuesday that it's raising its minimum hourly wage in the United States to $25 over the next four years.
The announcement comes little more than a year after the nation's second-largest bank raised its minimum wage to $20 per hour, up from $17.
"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," Sheri Bronstein, chief human resources officer at Bank of America, said in a statement.
"That includes providing strong pay and competitive benefits to help them and their families, so that we continue to attract and retain the best talent."
In addition to raising pay by 2025, Bank of America said it's requiring all its U.S. vendors to pay their employees at least $15 per hour. It said 99% of its 2,000 vendor firms pay their 43,000 employees that minimum.
President Joe Biden has called for raising the federal minimum wage to $15 per hour and pushed for that to be included in the $1.9 trillion American Rescue Plan passed earlier this year. The measure was removed, though, after the Senate parliamentarian ruled it didn't meet the guidelines for the budget reconciliation process, which allowed congressional Democrats to pass the package without any Republican support.
Biden signed an executive order in April requiring all federal agencies to pay contract workers at least $15 per hour.
Bank of America is one of the "Big Four" U.S. banks, along with JPMorgan Chase, Citigroup and Wells Fargo.