Bank of America to raise minimum wage to $25

Updated: May. 18, 2021 at 12:14 PM CDT
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(CNN) – Bank of America is the raising minimum wage for its employees.

The bank said Tuesday it will raise its hourly minimum wage to $25 by 2025.

Bank of America CEO Brian Moynihan said the policy will cost hundreds of millions of dollars per year but will increase loyalty and pay shareholders back in the long run.

The company already pays its employees at least $20.

Bank of America also said it will require all its vendors and suppliers to pay employees at least $15.

The policy impacts about 43,000 employees at more than 2,000 vendors. Bank of America said 99% of its vendors meet that threshold now.

President Joe Biden is on record supporting a minimum wage of $15.

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