CHARLOTTE, N.C.– Bank of America is reporting it has now raised its minimum hourly wage to $25 per hour across the United States, fulfilling a pledge it originally announced in 2021.
The second-largest U.S. bank has increased its minimum hourly pay by nearly 67% since 2018. The company was most recently paying a minimum wage of $24 per hour, according to Reuters.
With the latest increase, the minimum annualized salary for full-time BofA employees in the United States will exceed $50,000, the bank said.
‘Long-Term Careers’
The higher starting salary supports employees in developing long-term careers at the company, Sheri Bronstein, BofA’s chief people officer, said in a statement.
The increase will take effect in early October and apply to all full-time and part-time hourly U.S. positions.
Separately, BofA said it also plans to add 10,000 more individuals with military background and another 8,000 from community colleges over the next five years.
It said it will also add 700 financial center roles in emerging U.S. markets.
