Bank of America has announced an increase in its U.S. minimum hourly wage to $25 per hour, effective in early October. This adjustment will bring the minimum annualized salary for full-time employees in the United States to more than $50,000. The new rate applies to all full-time and part-time hourly positions nationwide.
The company stated that this move continues a series of increases over recent years, with the minimum wage rising from under $15 per hour since 2017. According to Bank of America, the starting salary for full-time U.S. employees has increased by more than $20,000 since that time.
Sheri Bronstein, Chief People Officer at Bank of America, said: “Our strong and rising minimum starting salary provides opportunities for our teammates to build a long-term career at Bank of America. Competitive compensation is one of the many ways we are helping to drive American economic growth and opportunity.”
Bank of America reported that 97% of its employees have received awards beyond regular compensation, mainly as restricted common stock in the company. Since 2017, nearly $5.8 billion has been distributed through this program.
The bank also offers a range of benefits and employee programs including onboarding and professional development through The Academy; up to 26 weeks of parental leave with 16 weeks fully paid; a sabbatical program providing four to six weeks of paid leave based on tenure; backup child and adult care services; reimbursement for childcare expenses for eligible staff; health plans with no-cost wellness visits and preventive medications; virtual care options; onsite screenings; and personalized support during critical life events via its Life Event Services team.
Bank of America has received recognition from external organizations such as LinkedIn’s Top Companies in the U.S., Fortune’s 100 Best Companies to Work For (for seven consecutive years), and People Magazine’s 100 Companies That Care list.
The company serves approximately 69 million consumer and small business clients across about 3,700 retail financial centers and operates roughly 15,000 ATMs throughout the United States. Its digital banking platform has around 59 million verified users. Globally, Bank of America conducts operations in more than 35 countries.