Yearly Minimum Rate of Pay for Full-Time
Employees will Increase to Nearly $48,000
CHARLOTTE, N.C., Sept. 20,
2023 /PRNewswire/ -- Today, Bank of America announced
it has again increased its U.S. minimum hourly wage for employees
on its stated path to $25 by 2025.
The company will move to $23 in
October. By 2025, its minimum hourly wage will have increased by
nearly $14 per hour — or more than
121% — since 2010.
This move builds on the bank's history of being a national
leader in establishing a minimum rate of pay for U.S. hourly
employees. In the last six years, Bank of America raised the
minimum hourly wage to $15 in 2017;
to $17 in 2019; to $20 in 2020; to $21
in 2021 – and to $22 in May 2022. The company's increase to starting pay
of $23 per hour will increase minimum
annualized salary for full-time employees to nearly $48,000.
"Providing a competitive minimum rate of pay is foundational to
being a great place to work," said Sheri
Bronstein, chief human resources officer at Bank of America.
"By investing in a variety of benefits to attract and develop
talented teammates, we are investing in the long-term success of
our employees, customers and communities. Our commitment to
$25 by 2025 is how we share success
with you and lead the way for other companies."
Bank of America's leadership as a global employer has been
recognized by many external organizations, most recently including
JUST Capital's #1 Company for Workers, LinkedIn's "Top Companies in
the U.S." and Fortune's "100 Best Companies to Work For" list for
the fifth consecutive year. This recognition is a reflection of its
continuous focus on providing a Great Place to Work for all
teammates.
Bank of America
Bank of America is one of the world's
leading financial institutions, serving individual consumers, small
and middle-market businesses and large corporations with a full
range of banking, investing, asset management and other financial
and risk management products and services. The company provides
unmatched convenience in the United
States, serving approximately 68 million consumer and small
business clients with approximately 3,900 retail financial centers,
approximately 15,000 ATMs (automated teller machines) and
award-winning digital banking with approximately 57 million
verified digital users. Bank of America is a global leader in
wealth management, corporate and investment banking and trading
across a broad range of asset classes, serving corporations,
governments, institutions and individuals around the world. Bank of
America offers industry-leading support to approximately 4 million
small business households through a suite of innovative,
easy-to-use online products and services. The company serves
clients through operations across the
United States, its territories and more than 35 countries.
Bank of America Corporation stock is listed on the New York Stock
Exchange (NYSE: BAC).
For more Bank of America news, including dividend announcements
and other important information, visit the Bank of America newsroom
and register for news email alerts.
Reporters may contact:
Eliza Murphy, Bank of America
Phone: 1.347.603.6845
eliza.murphy@bofa.com
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SOURCE Bank of America Corporation