Bank of America announced today that it has raised its U.S. minimum hourly wage to $24 per hour, continuing its commitment to reach $25 by 2025. This increase will bring the minimum annualized salary for full-time employees in the U.S. to nearly $50,000 and applies to all full-time and part-time hourly positions.
In the last seven years, Bank of America has incrementally increased its minimum hourly wage from $15 to $24. With this latest adjustment, the starting salary for full-time U.S. employees at the bank will have increased by nearly $20,000 since 2017.
"Providing a competitive minimum wage is core to being a great place to work -- and I am proud that Bank of America is leading by example," said Sheri Bronstein, chief human resources officer.
Additionally, 97% of Bank of America employees have received awards beyond regular compensation, mostly in the form of restricted common stock. Since 2017, more than $4.8 billion has been awarded through this program.
Bank of America also offers various benefits and employee programs including 16 weeks of paid parental leave, an industry-leading sabbatical program, and personalized support for critical life events through its Life Event Services Team.
To foster career growth and skill development among employees, Bank of America provides an onboarding, education and professional development organization called The Academy at Bank of America. This resource also offers free education to individuals in local communities to help advance their careers.
The company's leadership as a global employer has been recognized by multiple external organizations such as JUST Capital's Top Company for Workers list, LinkedIn’s “Top Companies in the 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 serves individual consumers, small and middle-market businesses, and large corporations with a range of banking services. It operates approximately 3,800 retail financial centers and around 15,000 ATMs in the United States. The company also supports approximately four million small business households with online products and services. Its stock is listed on the New York Stock Exchange under BAC.
Reporters may contact:
Eliza Murphy
Phone: 1-347-603-6845
eliza.murphy@bofa.com
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