Bank Of America is the next multi billion dollar company to raises their minimum wage for their hourly employees to $25 per hour in order to attract and retain top talented employees. The banks current minimum is $20 per hour. The $25 per hour will be in effect by 2025. The bank will also require its US vendors to pay a minimum of $15 per hour or more!
This as the Biden administration is pushing for a national $15-an-hour minimum wage. Other companies like McDonald's, Walmart, Starbucks and Amazon have also announced that they will increase minimum hourly pay.
Major news as numerous the president and other outside organizations have been pushing for companies to help close the wealth inequality wage gap by increasing the federal minimum wage. Even better when companies do it on their own!