The lender also is mandating that its vendors start off their workers with a $15 an hour minimum wage. In April 2020, Bank of America started paying $20 an hour, one year ahead of the original start date. At the start of this year, it promised to provide its worldwide employees bonus payments in recognition for their work during the COVID-19 pandemic year.
"Our commitment to being a great place to work… means investing in the people who serve our clients," said Sheri Bronstein, chief human resources officer.
The current minimum wage at the federal level is $7.25 per hour, enacted more than a decade ago. President Joe Biden is urging Congress to increase the federal minimum wage from $7.25 to $15 an hour.