NEW YORK, Might 23 (Reuters) – Financial institution of America Corp (BAC.N) stated it was elevating its U.S. minimal hourly wage to $22 on Monday, a step nearer to its promise of paying employees $25 an hour by 2025.
The second-largest U.S. financial institution by belongings has been steadily elevating its minimal hourly wage since 2017, when it was $15, and has been at the forefront of banks elevating base pay for hourly employees.[ nL4N2R227T]
Final yr the financial institution pledged to pay its employees a minimum of $25 an hour by 2025, the best minimal wage of any large retail financial institution, and in addition started requiring its distributors to set a minimal wage of $15 an hour.
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This newest pay hike comes as inflation within the U.S. hovers at a 40-year excessive, elevating costs for meals, healthcare and hire, which, in March, hit the best degree since 2006.
There are additionally a report variety of unfilled jobs, which implies banks face stiff competitors for hiring new employees and are placing a excessive precedence on preserving the employees they’ve.
Sheri Bronstein, chief human assets officer, stated the financial institution’s raises and different advantages are a part of “our concentrate on being a fantastic place to work … in order that we proceed to draw and retain one of the best expertise.”
In January the financial institution gave round 97% of its staff particular compensation awards, most within the type of restricted inventory models. learn extra
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Reporting by Elizabeth Dilts Marshall; Modifying by David Gregorio
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