The Bank of America announced Tuesday that it will increase its minimum hourly wage in the US to $25 in 2025 for its direct employees.
Last year the bank raised the minimum hourly wage to $20 in response to the pandemic.
Bank of America will reportedly pay its independent contractors $15 an hour.
The bank’s CEO, Brian Moynihan, said in an interview with CNN that the idea is to maintain an excellent standard of living for the team, and share in the success.
Moynihan detailed to the media that they will hire about 20,000 people this year.
How much does it cost the bank?
The CEO told CNN, it will cost a few hundred million a year. The bank also plans to hire 2,000 students in the summer.
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