Even as the U.S. minimum wage languishes at $7.25 per hour, Bank of America is raising the bar: In 2020 it upped its minimum hourly wage to $20; in October 2021, it raised it to $21. The bank has promised to hike the minimum to $25 an hour by 2025. BofA has also spent $425 million on pandemic-era caregiving reimbursements for employees. The return on these investments: lower turnover, as more staffers see BofA as an “employer of choice.”
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