PROVIDENCE – Bank of America Corp. will again increase its U.S. minimum hourly wage for employees as part of its plan to pay $25 per hour by 2025, the bank announced.
The company will begin paying $23 per hour in October. With its stated goal of paying $25 per hour by 2025, the company’s minimum hourly wage will have increased by nearly $14 per hour – or more than 121% – since 2010, according to a news release.
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In the last six years, Bank of America raised the minimum hourly wage to $15 in 2017, to $17 in 2019, to $20 in 2020, to $21 in 2021, and to $22 in May 2022, according to the release. The increase to $23 per hour will boost the minimum annualized salary for full-time employees to nearly $48,000.
“Providing a competitive minimum rate of pay is foundational to being a great place to work,” Sheri Bronstein, chief human resources officer at Bank of America, said in a statement. “By investing in a variety of benefits to attract and develop talented teammates, we are investing in the long-term success of our employees, customers and communities. Our commitment to $25 by 2025 is how we share success with you and lead the way for other companies.”
Headquartered in Charlotte, N.C., Bank of America serves 68 million consumer and small-business clients with about 3,900 retail financial centers, 15,000 ATMs and 57 million verified digital users. The company offers support to 4 million small-business households through a suite of online products and services and serves clients through operations across the United States, its territories and more than 35 countries.
