CHARLOTTE, N.C. – Bank of America Corp. says it has raised its U.S. minimum hourly wage to $24 per hour, the latest step in the company’s commitment to reach $25 by 2025.
With the increase, the minimum annualized salary for full-time employees in the U.S. will rise to nearly $50,000. The increase applies to all full-time and part-time hourly positions.
The bank, the second largest in Rhode Island in terms of deposit market share, said the move builds on the bank’s effort to be a national leader in establishing a minimum rate of pay for U.S. hourly employees. In the last seven years, Bank of America raised the minimum hourly wage from $15 to $24, it said.
The bank employs about 2,500 people locally, according to the 2024 PBN Book of Lists.
With the increase to $24, the starting salary for full-time U.S. employees at the bank will have gone up by nearly $20,000 since 2017.
“Providing a competitive minimum wage is core to being a great place to work – and I am proud that Bank of America is leading by example,” said Sheri Bronstein, chief human resources officer.
In addition, the bank noted that 97% of Bank of America employees have received awards beyond regular compensation, mostly in the form of Bank of America restricted common stock. More than $4.8 billion has been awarded since the program was introduced in 2017.
Bank of America also offers benefits and employee programs, such as 16 weeks of paid parental leave, a sabbatical program and personalized support for employees.
