Bank of America raises minimum wage to $21 per hour

Bank of America is now paying their US workforce, which is nearly three times the federal minimum wage of $7.25 which has not changed in dozens of years even when the majority of Americans support an increase in pay. The announcement of the pay hike came on Wednesday after Bank of America's pledge to pay its workers a minimum hourly wage of $25 by 2025. The pay hike by the Bank of America will impact a large number of  174,000 workers in the US and continues the trajectory of pay hikes with the bank raising the minimum wage to $15 in 2017, $17 in 2019 and $20 last year. If the bank reaches its goal by 2025, it will have raised its pay by nearly $14 or more than 120% since 2010.

Sheri Bronstein, the chief human resources officer at the bank said that the dollar-an-hour increase is part of an effort to attract "attract and develop talented teammates". She also added that the bank's decision would hopefully inspire others to do the same as well. JPMorgan Chase, the biggest bank in the US pays its employees a minimum of $16.50 to $20 per hour and Wells Fargo pays between $15 and $20. The new minimum wage by the Bank of America means that its workers now make $43,680 a year, with benefits. 

Source: CBS News