Bank of America plans to increase its minimum wage to $22 per hour
Bank of America has decided to give their lowest-paid workers a pay increase to $22 an hour which equals to almost $46,000 a year for full-time employees. The company pay increase will boost the salary of large amount of its 174,000 U.S. employees according to CBS News. This increase comes after the North Carolina base company started with the bank increasing its hourly base to $15 in 2017, $17 in 2019 and then $21 in 2021. Bank of America previously announced that they plan to gradually raise its base pay to $25 per hour by 2025.
In 2020 the median earnings of all U.S. workers 15 and older was $41,535, according to the Census Bureau. For full-time employees, median income was $61,417 for men and $50,982 for women, according to the Census Bureau. The agency said the poverty threshold for one person in 2020 was $13,171.
The pay increase comes at the time when large companies have been boosting pay in order to attract employees, and surging inflation.
“We continue to invest in our teammates and their priorities through competitive pay; industry-leading benefits and resources for physical, emotional and financial wellbeing; long-term career development tools and programs; and in our diversity, equity and inclusion efforts across the company, so that we continue to attract and retain the best talent,” Sheri Bronstein, chief human resources officer at the nation’s second-largest bank, said in a statement according to the news station.
Related: Meet Marie Van Brittan Brown the inventor of the first home security system
“Black Men Teach is trying to get Black men in elementary school classrooms,” Markus Flynn, executive director of Black Men Read more
Want to help support Me? Subscribe to my 2nd Channel! ⬇️ https://www.youtube.com/channel/UC8JcF5CDq8rPlNLU5df9ejA?sub_confirmation=1 How Martin Luther King Jr. Changed the World Read more
Alabama State University just announced that they have received a $250,000 donation from Diageo North America to create a permanent Read more
VICE Guide To Right Now's Lee Adams breaks down why Black History Month shouldn't be a thing. Before you think Read more
Legendary musician Stevie Wonder has announced that he plans to permanently relocate to Ghana, according to Rolling Out. Wonder told Oprah Winfrey Read more
If you’re interested in sharing your opinion on any cultural, political or personal topic, create an account here and check out our how-to Read more
Mapping is part of the broader Black creative tradition and political struggle.Over the centuries, African Americans developed “way-finding” aids, including a Jim Read more
Discount code for OVERTRAINING Program: IGOTYOU Download it at: https://overtraining.com And check out with the code: IGOTYOU Sign up for Read more
Extract from Black Muslims (1963). Watch the complete programme on BFI Player (UK only): http://player.bfi.org.uk/film/watch-black-muslims-1963/ In a groundbreaking report for Read more
Jason Gallaread, the father of a missing 14-year-old girl from San Francisco, California, says bank records show that money was Read more
“It’s the first one I have had where a suspect is in an electric wheelchair and does what she does,” Read more
U.S. Rep. Ilhan Omar (D-Minn.) has called for the firing of Senate parliamentarian Elizabeth MacDonough after MacDonough blocked the Democratic Party's attempts to Read more