Bank of America is raising its hourly minimum wage for all positions.
The bank announced on Tuesday that by 2025, they would raise the hourly rate to $25.
The bank also announced that all its vendors and suppliers nationwide would be required to pay their employees at least $15 an hour.
The banking giant said 99% of its vendors already pay its 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,” said Sheri Bronstein, chief human resources officer at Bank of America, in a news release. “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 banking giant has raised the minimum hourly wage over the past four years. In 2019, it rose to $17 an hour, and in 2020, to $20.