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Thursday, June 20, 2024

Bank of America to boost minimum wage to $23 per hour

Thousands of Bank of America workers will get a pay raise in October as the Charlotte-based bank raises its U.S. minimum hourly wage to $23. The move is part of its plan to pay its U.S. employees at least $25 an hour by 2025

Bank of America has increased its minimum hourly wage by almost $14 per hour – or more than 121% – since 2010. The wage increase means Bank of America full-time employees will earn at least $47,840 a year, based on 40-hour workweeks. A $25 hourly wage would increase that amount to $52,000.

Bank of America did not say how many of its 170,000-plus employees now earn less than $23 an hour, except that the number is in the thousands. The hourly minimum wage in North Carolina and the federal government is $7.25.

Bank of America raised its minimum hourly wage to $15 in 2017; to $17 in 2019; to $20 in 2020; $21 in 2021; and to $22 in May 2022.

Providing a competitive minimum rate of pay is foundational to being a great place to work, a bank official said.

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