The Bank of America has said it will increase the minimum wage over the past few years from $15 in 2017 to $17 in 2019 to $25 an equivalent of N10,270 in 2020.
The latest increase will take effect 2025.
The bank has also directed all its U.S. vendors to pay its employees at least $15 an hour.
Sheri B. Bronstein, Chief Human Resources officer of BOA said the effort is to make its employees share from the bank’s success.
“Our company’s focus on Responsible Growth requires that we provide a great place to work,” TheHill quoted Bronstein.
“We make broad-ranging investments to attract and develop talented teammates who serve our clients and local communities every day, and who can build long, successful careers with our company.
“Today, we are taking another step forward, again increasing our minimum rate of pay for U.S. employees, demonstrating our commitment to sharing our success with teammates, and inspiring others to do the same.”