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AMAZON.COM, INC.

(AMZN)
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Amazon com : Bank of America raises U.S. minimum hourly wage to $21

10/06/2021 | 09:58am EST
FILE PHOTO: A Bank of America logo is pictured in the Manhattan borough of New York City

(Reuters) - Bank of America Corp said on Wednesday it had raised its U.S. minimum hourly wage to $21, as it works to keep its promise of increasing the pay to $25 an hour by 2025.

Bank of America in May disclosed plans to raise its minimum wages for its U.S. employees, joining a clutch of firms that have pledged to pay employees more after a year of pandemic risks and government subsidies fueled conversations on whether companies pay their workers enough.

The $25 figure is higher than at competitors, and the second-largest U.S. bank has also asked its vendors to set a minimum wage of $15 an hour.

In the last four years, Bank of America raised the minimum hourly wage to $20 from $15.

Companies have sometimes been prodded to boost wages by employee complaints that spill into the public sphere. But there are also political pressures and a competitive reality in which one big company outlines a higher pay scale and others follow suit.

Walmart Corp, Starbucks Corp, Amazon.com Inc and CVS Health have raised or are planning to hike wages.

The current minimum wage at the federal level is $7.25 per hour, enacted more than a decade ago.

(Reporting by Noor Zainab Hussain in Bengaluru; Editing by Anil D'Silva)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AMAZON.COM, INC. -1.53% 3507.07 Delayed Quote.7.68%
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Financials (USD)
Sales 2021 470 B - -
Net income 2021 21 039 M - -
Net cash 2021 38 014 M - -
P/E ratio 2021 86,2x
Yield 2021 -
Capitalization 1 779 B 1 779 B -
EV / Sales 2021 3,70x
EV / Sales 2022 3,09x
Nbr of Employees 1 298 000
Free-Float 82,7%
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Andrew R. Jassy President, Chief Executive Officer & Director
Brian T. Olsavsky Chief Financial Officer & Senior Vice President
Jeffrey P. Bezos Executive Chairman
Patricia Q. Stonesifer Independent Director
Thomas O. Ryder Independent Director
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