Bank of America announced today that it has increased its minimum wage to $24 per hour in the United States, as part of its commitment to reach $25 by 2025. With this increase, the annualized minimum salary for full-time employees in the U.S. will rise to nearly $50,000. This raise applies to all full-time and part-time hourly positions in the country.
This move is part of Bank of America's ongoing efforts as a national leader in setting a minimum pay standard for hourly employees in the United States. Over the past seven years, Bank of America has raised its hourly minimum wage from $15 to $24.
"Offering a competitive minimum wage is fundamental to being one of the best places to work, and I am proud that Bank of America leads by example," said Sheri Bronstein, Chief Human Resources Officer.
In addition to regular compensation, 97% of Bank of America's employees have received awards, mostly in the form of restricted common stock. Since the program began in 2017, more than $4.8 billion has been distributed.
Bank of America also provides industry-leading benefits and programs for all employees. These include:
- 16 weeks of paid parental leave.
- An industry-leading sabbatical program.
- Personalized support for employees experiencing critical life events through their Life Event Services team.
To support professional growth and continuous learning, Bank of America offers The Academy at Bank of America, an award-winning onboarding, education, and professional development organization. The Academy also provides free education to local community members to help them advance professionally.
Bank of America's leadership as a global employer has been recognized by various external organizations including JUST Capital with "Company #1 for Workers," LinkedIn's "Top Companies U.S." list, Fortune's "100 Best Companies to Work For" list for six consecutive years, and People magazine's "100 Companies That Care."
Bank of America is one of the world's leading financial institutions offering a wide range of banking, investment management, asset management services, and other financial risk management products and services. It serves approximately 69 million customers and small businesses across about 3,800 financial centers and around 15,000 ATMs in the U.S., with over 58 million verified digital banking users. Globally, it operates across nearly 35 countries providing wealth management and corporate banking services.
For media inquiries:
Eliza Murphy
Phone: 1.347.603.6845
eliza.murphy@bofa.com
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