It’s part of the bank’s phased approach to raising its minimum wage to $25 an hour by 2025.
The study’s authors estimated that every dollar increase in the minimum wage among adults 18-64 years with less than a high school diploma would reduce the number of suicides in this population by 3.5 to 6 percent.
Bank of America, the nation’s second-largest bank, will increase its minimum wage to $22 an hour at the end of June.to raising its minimum wage to $25 an hour by 2025. In 2017, the company raised its minimum wage to $15. It rose to $17 in 2019; $20 in 2020, and $21 in 2021. "Our focus on being a great place to work is core to everything we do and underscores the role our teammates play in our success," Sheri Bronstein, chief human resources officer at Bank of America, said in a prepared statement., has more than 210,000 employees and also requires all of its U.S. vendors to pay their employees at least $15 an hour. As of last year, more than 99% of the bank’s 2,000 U.S. vendor firms were at or above that threshold.
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