On Tuesday, Bank of America announced its decision on raising the minimum wage of its employees to $25 an hour, by the year 2025.
Bank of America has been increasing the minimum wages of their employees for the last 4-5 years now, with an announcement for increment every two years or so.
CEO of Bank of America, Brian Moynihan elaborating on this said, “It costs us a few billion dollars a year, but it’s an investment.”
In 2017, the bank raised the minimum wages to $15 an hour and in the following 2 years to $20 an hour, for its employees. More than 2,00,000 employees have been impacted by these increments.
According to Moynihan, raising the minimum wages every few years is about maintaining a “great standard of living” for their teammates and will also help them to get a “career mindset.”
The CEO also added that by this initiative the shareholders get paid back and the bank is able to generate employee loyalty as well.
While increasing the minimum wages, the bank also has a requisite for its vendors and suppliers to increase their employee wages to at least $15 an hour.
“The key is for big companies like ours to set a standard. We think it’s part of sharing our success with our communities”, said the CEO while also stating that 99% of their vendors are already paying a minimum wage of $15 per hour to their employees.
In an effort to catch up to TikTok in the short-video industry, YouTube, which is controlled by Google, has announced...Read more