NEW YORK—Bank of America Corp. said it was raising its U.S. minimum hourly wage to $22 on Monday, a step closer to its promise of paying workers $25 an hour by 2025.
The second-largest U.S. bank by assets has been steadily raising its minimum hourly wage since 2017, when it was $15, and has been at the leading edge of banks raising base pay for hourly workers.
Last year the bank pledged to pay its workers at least $25 an hour by 2025, the highest minimum wage of any big retail bank, and also began requiring its vendors to set a minimum wage of $15 an hour.
This latest pay hike comes as inflation in the U.S. hovers at a 40-year high, raising prices for food, healthcare, and rent, which, in March, hit the highest level since 2006.
There are also a record number of unfilled jobs, which means banks face stiff competition for hiring new workers and are putting a high priority on keeping the workers they have.
Sheri Bronstein, chief human resources officer, said the bank’s raises and other benefits are part of “our focus on being a great place to work ... so that we continue to attract and retain the best talent.”
In January, the bank gave around 97 percent of its employees special compensation awards, most in the form of restricted stock units.
