Bank of America announced that it is raising the minimum wage to $25 per hour by the year 2025 for the employees. This announcement was made to show the increment in 2020, which was $20 per hour. The whole reason for this increment is that the company wants to provide benefits to the employees, who are working diligently to provide quality services to the clients. This also promotes the values and motivates others to join the organization that cares about the people working for them.
Timeline of Increment in Minimum Wage in the Last Few Years
The history of minimum wage in Bank of America was $14 in 2010, $15 in the next few years, $17 in 2019, and $20 in 2020 (one year ahead of their scheduled increment). The current increment encouraged the employees to perform even better as the organization is providing the best benefits to them. This built trust within the organization and helped in retaining talent within the team. The increment inspired other organizations to also provide financial services to their employees, like LinkedIn, Fortune, etc. This also was a great step to help students to avoid federal student loans as their families can afford education now.
Better Life for Employees
This means that Bank of America is paying $43,680 to their employees every year, which is well above the poverty line. This increment is making the lives of the workers easier as they now can afford the cost of living and education in America. The Biden student loans forgiveness is yet another great news for the people who can now afford higher education without taking student loans.
The financial help is inspiring employees to work diligently for the organization, which is doing the most for them. This increment has also increased the success with the teammates and demonstrates commitment. Such are the morals and culture encouraged by Bank of America. The pandemic affected the economy badly, but the organizations took a step for the employees and increased their pay and offered incentives that drew in more talented workers.