Askume, Sept 10 – Bank of America (BAC.N) said on Tuesday it would support raising the U.S. minimum wage to $24 an hour.
The move brings the bank closer to its plan to reach a $25-an-hour minimum wage by 2025 as it aims to attract and retain talent in a competitive job market.
The second-largest US bank has increased its minimum hourly wage by a remarkable 60% over the past seven years. The company recently paid a minimum wage of $23 an hour.
Companies looking for talent in a competitive labour market are increasing salary packages to attract and retain skilled workers, ensuring that top-performing employees remain in the organisation.
Financial giants are facing new challenges from the growing popularity of technology jobs, which are seen as major beneficiaries of the artificial intelligence boom.
The appeal of artificial intelligence is influencing students’ career decisions. According to a report by online recruitment platform Handshake, one in five US graduates in 2024 is looking for jobs with opportunities related to creating artificial intelligence.
“Offering a competitive minimum wage is core to being a great place to work, and I’m proud that Bank of America is leading the way,” said Sherry Bronstein, the bank’s chief human resources officer.
The bank said the minimum annual salary for full-time employees in the United States will rise from $48,000 to $50,000.
In 2021, Bank of America committed to raising the minimum wage to $25 an hour in 2025.
