Bank of America, the nation’s second-largest financial institution, will improve its minimal wage to $22 an hour on the finish of June.

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It’s a part of the bank’s phased approach to elevating its minimal wage to $25 an hour by 2025. In 2017, the corporate raised

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its minimal wage to $15. It rose to $17 in 2019; $20 in 2020, and $21 in 2021.

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"Our focus on being a great place to work is core to everything we do and underscores the role our teammates play in our success,

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" Sheri Bronstein, chief human sources officer at Bank of America, stated in a ready assertion.

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The financial institution, primarily based in Charlotte, North Carolina, has greater than 210,000 staff and likewise requires all of its U.S. distributors to pay

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their staff a minimum of $15 an hour. As of final yr, greater than 99% of the financial institution’s 2,000 U.S. vendor companies have been at or above that threshold.

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