In this Feb. 10, 2021 file photo, Bank of America signage is shown in Atlanta. Consumer banking giant Bank of America plans to set the minimum wage for all positions at the company to $25 an hour by 2025, the bank said Tuesday, May 18. (AP Photo/John Bazemore, File)
NEW YORK (AP) — Bank of America plans to set the minimum wage for all positions at the company to $25 an hour by 2025.
It would be the highest minimum wage paid by a big bank and could pressure rivals to follow suit. Wages have been rising at major banks in recent years amid pressure from outside groups to address wealth inequality.
The bank will also mandate that vendors it does business with pay their employees at least $15 an hour. The bank says 99% of its vendors are already in compliance at that level.
Bank of America raised its minimum wage to $15 an hour in 2017, to $17 an hour in 2019, and to $20 an hour last year, all under CEO Brian Moynihan.
The bank, based in Charlotte, North Carolina, has more than 210,000 employees.
Increasing the minimum wage across all industries has been a push by Democrats for several years. President Joe Biden campaigned on raising the Federal minimum wage to $15 an hour from its current level of $7.25. The proposal did not make it into the $1.9 trillion economic relief package that passed earlier this year, but Democrats have pledged to push for a minimum wage increase in a bill later this year.
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Investors thought 2021 would be a less volatile year. That narrative has run into some problems. Sure, all the major indexes are up for the year. And that’s despite the NASDAQ’s gut-wrenching 10% drop in March.
But many investors don’t feel much like celebrating. In fact, many are concerned about the liquidity that continues to be pumped into the stock market. In 2020, the pandemic flooded the economy with $6 trillion dollars of stimulus.
However, in the last few months, the Federal Reserve has introduced another $6 trillion into the economy. We would have stopped counting, but the math is pretty easy. It’s $12.3 trillion that has flooded into the economy.
Eventually, this is going to end badly. But timing the market is an imperfect science particularly when many investors are enjoying the game.
Fortunately, there’s a way to safeguard your portfolio without abandoning equities. That has to do with investing in forever stocks.
Forever stocks aren’t magic beans. They don’t go up forever. But they are stocks that have stood the test of time. And investing in these stocks will keep your portfolio heading in the right direction.
With that in mind, we’ve put together this special presentation that showcases seven of these forever stocks. These are all stocks that are household names, but that’s kind of the point. You don’t need special knowledge. You just have to recognize that these are companies that consistently do right by their shareholders.
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