PR Newswire
Yearly Minimum Rate of Pay for Full-Time Employees will Increase to Nearly $48,000
CHARLOTTE, N.C. , Sept. 20, 2023 /PRNewswire/ -- Today, 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 — or more than 121% — since 2010.
This move builds on the bank's 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 – and to $22 in May 2022 . The company's increase to starting pay of $23 per hour will increase 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," said Sheri Bronstein , chief human resources officer at Bank of America. "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."
Bank of America's leadership as a global employer has been recognized by many external organizations, most recently including JUST Capital's #1 Company for Workers, LinkedIn's "Top Companies in the U.S." and Fortune's "100 Best Companies to Work For" list for the fifth consecutive year. This recognition is a reflection of its continuous focus on providing a Great Place to Work for all teammates.
Bank of America
Bank of America is one of the world's 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. The company provides unmatched convenience in the United States , serving approximately 68 million consumer and small business clients with approximately 3,900 retail financial centers, approximately 15,000 ATMs (automated teller machines) and award-winning digital banking with approximately 57 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States , its territories and more than 35 countries. Bank of America Corporation stock is listed on the New York Stock Exchange (NYSE: BAC).
For more Bank of America news, including dividend announcements and other important information, visit the Bank of America newsroom and register for news email alerts .
Reporters may contact:
Eliza Murphy , Bank of America
Phone: 1.347.603.6845
eliza.murphy@bofa.com
SOURCE Bank of America Corporation