PROVIDENCE – All Bank of America Corp. employees nationwide – including 2,120 in Rhode Island – will see their minimum hourly wage rise to $25 starting in early October, pushing annual pay for full-time workers above $50,000.
The raise to $25 an hour marks the bank’s latest wage hike, capping a steady climb from under $15 since 2017, making for an increase of more than $20,000 in starting salary for full-time U.S. employees.
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For comparison, the bank’s minimum wage last year was $24 per hour. According to the R.I. Department of Labor and Training, the average starting hourly pay rate in the state is $15.
“Our strong and rising minimum starting salary provides opportunities for our teammates to build a long-term career at Bank of America,” said Sheri Bronstein, chief people officer. “Competitive compensation is one of the many ways we are helping to drive American economic growth and opportunity.”
Beyond the hourly pay raise, nearly 97% of Bank of America employees have received bonuses – mostly in restricted stock – totaling nearly $5.8 billion since 2017, according to the bank.
Many employees who started their careers at a minimum wage salary rose to leadership roles at Bank of America, the company said.
Bank of America has earned recognition as a top global employer, landing on LinkedIn’s “Top Companies in the U.S.,” Fortune’s “100 Best Companies to Work For” list for seven straight years, and People magazine’s “100 Companies That Care” list.
Matthew McNulty is a PBN staff writer. He can be reached at McNulty@PBN.com or on X at @MattMcNultyNYC.
