SUBSCRIBE

CATEGORIES

Bank of America Down After Saying It Will Raise Minimum Pay to $25 an Hour by 2025

imageStock Markets15 minutes ago (May 18, 2021 12:36PM ET)

(C) Reuters.

By Dhirendra Tripathi

Investing.com – Bank of America (NYSE:BAC) shares weakened Tuesday following its decision to raise minimum pay to $25 an hour by 2025, up from $20 now.

In addition, the bank said all its U.S. vendors are now required to pay their employees dedicated to the bank, at or above $15 per hour. It said already 99% of the company’s more than 2,000 U.S. vendor firms and 43,000 vendor employees are at or above the $15 per hour rate.

Bank of America is not the first to raise minimum wages. Many employers, including Amazon (NASDAQ:AMZN) and McDonald’s (NYSE:MCD), have announced wage increases in the last one month to attract more workers in a tight labor market.

Some have raised wages without increasing the minimum hourly pay.

BoA said since 2010, its minimum hourly wage will have increased by more than 121%. The shares fell 0.4% on Tuesday.

Bank of America Down After Saying It Will Raise Minimum Pay to $25 an Hour by 2025

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.