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CHARLOTTE, North Carolina (WBTV) – Bank of America is once again raising base wages for its workers, taking a big step forward in creating a meaningful minimum wage for one of the region’s largest employers.

Bank officials said on Wednesday that the base wage was raised to $ 21 an hour, nearly three times the federal minimum wage.

Executives previously announced a plan to lower their minimum wage to $ 25 an hour by 2025.

“Our company’s focus on responsible growth requires that we provide a great place to work,” Sheri Bronstein, director of human resources at Bank of America, said in a statement. “We are making large-scale investments to attract and develop talented teammates who serve our customers and local communities every day, and who can build long and successful careers with our company. Today, we take another step forward by raising our minimum rate of pay for U.S. employees again, demonstrating our commitment to sharing our success with our teammates and inspiring others to do the same.

Over the past four years, Bank of America has increased the minimum hourly wage to $ 15 in 2017; in 2019, it rose to $ 17 and in 2020, to $ 20, according to a press release.

Related: Bank of America raises minimum wage for workers ahead of schedule

According to a living wage calculator developed by a professor at the Massachusetts Institute of Technology, this new wage exceeds the hourly rate a person would need to support themselves.

By doing the math, workers will earn at least $ 43,000 a year now. Bank of America employs 16,000 people in Charlotte alone.

Bank of America will also require all of its suppliers doing banking business in the United States to pay their employees at least $ 15 an hour.

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