Bank Of America Increases US Minimum Hourly Wage To $23 As Next Step To $25 By 2025
CHARLOTTE, N.C. βΒ (Newsletter) Β Bank of America announced it has again increased its U.S. minimum hourly wage for employees on its stated path to $25 by 2025. The company will move to $23 in October. By 2025, its minimum hourly wage will have increased by nearly $14 per hour β or more than 121% β since 2010.
This move builds on the bankβs history of being a national leader in establishing a minimum rate of pay for U.S. hourly employees. 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 β and to $22 in May 2022. The companyβs increase to starting pay of $23 per hour will increase the minimum annualized salary for full-time employees to nearly $48,000.
About Bank Of America
Bank of America is one of the worldβs leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services.
