Bank of America once again raises its minimum wage

CHARLOTTE — Bank of America Corp. has increased its minimum wage to $21 per hour — marking another step toward the bank’s plan for a $25-per-hour minimum wage by 2025.

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CEO Brian Moynihan announced BofA’s $25-per-hour goal in May. It is also requiring U.S. vendors to pay their employees working for the bank at least $15 per hour. That decision increased the bank’s minimum wage from $20 per hour, a threshold BofA met a year earlier than expected.

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