Bank of America raising minimum wage and requiring vendors to do so

PITTSBURGH — One of the nation’s biggest banks that’s been growing quickly in southwestern Pennsylvania since opening its first Pittsburgh branch less than three years ago is raising its minimum hourly wage again and requiring its vendors to up their game.

Bank of America Corp. said it will increase pay 25% by 2025 to $25 per hour. The present rate of $20 per hour was adopted in March 2020, ahead of schedule and its third hike in four years.

But BofA’s move also has a trickle-down effect. All of its U.S. vendors are now required to pay their employees dedicated to the bank at or above $15 per hour. BofA said over 99% of its more than 2,000 U.S. vendor firms and 43,000 vendor employees are at or above the $15 per hour rate, as a result of the implementation of this policy.

Read more from our news partners at the Pittsburgh Business Times.

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