Bank of America lifts minimum hourly pay to $21

Bank of America announced Wednesday it has raised its U.S. minimum hourly wage to $21 as a next step in the company’s plans to increase to $25 by 2025. In May, the company also announced that all of its U.S. vendors are now required to pay their employees dedicated to the bank, at or above $15 per hour. The move by Bank of America, the largest bank in Maryland and the second-biggest in the nation, is part of a broader movement to elevate minimum pay levels by retailers, financial institutions and other businesses as employers compete for workers in a tight labor market.