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Bank of America raises U.S. minimum hourly wage to $22
Citi exec on impact of inflation outpacing wage growth
Citi’s Institutional Client Group Chairman Leon Kalvaria argues that while ‘we’ve had big wage increases,’ the U.S. economy has faced price hikes for everything from food to energy, which is a ‘highly regressive tax.’
Bank of America is raising its minimum hourly wage for U.S. employees to $22 starting at the end of June.
BANK OF AMERICA CORP.
The move, which brings the bank a step closer to fulfilling its pledge of paying $25 per hour by 2025, will increase the annualized salary for full-time Bank of America employees to more than $45,000.
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Bank of America raised the minimum hourly wage to $15 in 2017, $17 in 2019, $20 in 2020 and $21 in October 2021. Last year, the company also announced that all of its U.S. vendors would be required to pay their employees dedicated to the bank at or above $15 per hour.