(ABC4) – As more and more businesses are increasing their minimum starting wage, a bank is now joining the change.
Bank of America has announced it will increase its U.S. minimum hourly wage to $25 by 2025. In March 2020, the company raised its minimum wage to $20 an hour.
All of Bank of America’s U.S. vendors are now required to pay their employees dedicated to the bank at or above $15 an hour. Over 99% of the company’s employees are already doing just that.
Numerous national chains have announced increases to their average wage.
Chipotle announced it is increasing the pay of its restaurant workers to an average of $15 per hour by the end of June. McDonald’s has announced it will raise the hourly wages for more than 36,500 employees by an average of 10%.
Over the coming months, the company says it will shift the entry-level range for crew to at least $11 to $17 an hour and the starting range for shift managers moving to at least $15 to $20 an hour, based on restaurant location.
In February, Costco increased its starting wage to $16 an hour. The starting wage scale puts Costco above competitors, including Amazon, Target, and Best Buy, which have $15 minimum wages. Walmart’s starting pay is $11 an hour.