Bank of America announced Tuesday that it is raising its minimum hourly wage to $25 by 2025 — a 121% wage increase for the company since 2010.

The bank also announced it would require all of its U.S. vendors to pay their employees at or above $15 an hour.

“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.”

The company previously raised its hourly wage to $20 in March 2020 — the third time in the past four years Bank of America had increased its minimum wage.

WI Guest Author

This correspondent is a guest contributor to The Washington Informer.

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