BELOW SUPERNAV drop zone ⇩

Bank of America to raise minimum wage to $25/hr by 2025

FILE – In this Feb. 10, 2021 file photo, Bank of America signage is shown in Atlanta. Consumer banking giant Bank of America plans to set the minimum wage for all positions at the company to $25 an hour by 2025, the bank said Tuesday, May 18. (AP Photo/John Bazemore, File)

MAIN AREA TOP drop zone ⇩

MAIN AREA TOP drop zone ⇩

Mortgage Calculator

This calculator helps you estimate your monthly mortgage payment. It adds up the loan payment (principal + interest), property tax, and insurance. The loan payment is spread out over the years of your loan term.

This is the total amount you're borrowing from the bank.
This is the yearly interest rate on your loan.
This is how long you'll take to repay the loan.
This is the yearly tax you pay on your property.
This is the yearly cost to insure your home.

Monthly Payment Breakdown

Principal and Interest: $

Property Tax: $

Homeowners Insurance: $

Total Estimated Monthly Payment: $

maylen

https://digital-stage.newsnationnow.com/

AUTO TEST CUSTOM HTML 20241114185800

AUTO TEST CUSTOM HTML 20241115200405

AUTO TEST CUSTOM HTML 20241118165728

AUTO TEST CUSTOM HTML 20241118184948

NEW YORK (AP) — Bank of America plans to set the minimum wage for all positions at the company to $25 an hour by 2025.

It would be the highest minimum wage paid by a big bank and could pressure rivals to follow suit. Wages have been rising at major banks in recent years amid pressure from outside groups to address wealth inequality.

The bank will also mandate that vendors it does business with pay their employees at least $15 an hour. The bank says 99% of its vendors are already in compliance at that level.

Bank of America raised its minimum wage to $15 an hour in 2017, to $17 an hour in 2019, and to $20 an hour last year, all under CEO Brian Moynihan.

The bank, based in Charlotte, North Carolina, has more than 210,000 employees.

Increasing the minimum wage across all industries has been a push by Democrats for several years. President Joe Biden campaigned on raising the Federal minimum wage to $15 an hour from its current level of $7.25. The proposal did not make it into the $1.9 trillion economic relief package that passed earlier this year, but Democrats have pledged to push for a minimum wage increase in a bill later this year.

Business

Copyright 2024 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed

Site Settings Survey

 

MAIN AREA MIDDLE drop zone ⇩

Trending on NewsNation

AUTO TEST CUSTOM HTML 20241119133138

MAIN AREA BOTTOM drop zone ⇩

tt

KC Chiefs parade shooting: 1 dead, 21 shot including 9 kids | Morning in America

Witness of Chiefs parade shooting describes suspect | Banfield

Kansas City Chiefs parade shooting: Mom of 2 dead, over 20 shot | Banfield

WWE star Ashley Massaro 'threatened' by board to keep quiet about alleged rape: Friend | Banfield

Friend of WWE star: Ashley Massaro 'spent hours' sobbing after alleged rape | Banfield

Sunny

la

67°F Sunny Feels like 67°
Wind
1 mph S
Humidity
28%
Sunrise
Sunset

Tonight

A few passing clouds. Low 47F. Winds light and variable.
47°F A few passing clouds. Low 47F. Winds light and variable.
Wind
2 mph N
Precip
9%
Sunset
Moon Phase
Waning Gibbous