NEW YORK–The pressure on credit unions to recruit and retain front-line personnel is only increasing after Bank of America Corp said it has now raised its U.S. minimum hourly wage to $22. As CUToday.info reported earlier, the increase brings the bank one step closer to its pledge to pay workers $25 an hour by 2025.
The second-largest U.S. bank by assets has been steadily raising its minimum hourly wage since 2017, when it was $15, and has been at the leading edge of banks raising base pay for hourly workers, Reuters reported.
In 2021, Bank of America not only pledged to pay workers a minimum of $25 an hour by 2025, it also required its vendors to set a minimum wage of $15 an hour.
Sheri Bronstein, chief human resources officer, told Reuters the bank's raises and other benefits are part of "our focus on being a great place to work ... so that we continue to attract and retain the best talent."
As CUToday.info also reported earlier, in January the bank gave around 97% of its employees special compensation awards, most in the form of restricted stock units. The bank paid out more than $1 billion worth of restricted stock to virtually its entire workforce.
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