By Pradeep Saran, September 21,2023
Bank of America has announced plans to elevate its minimum hourly wage to $23, starting in October, as part of its commitment to reaching a $25 hourly pay goal by 2025. This significant wage increase represents a substantial improvement in the standard of living for the bank’s employees.
With this adjustment, full-time workers at Bank of America will earn a minimum annual salary of nearly $48,000, demonstrating the bank’s commitment to providing better financial security for its staff.
Bank of America has consistently demonstrated its dedication to improving employee compensation over recent years, initially raising the minimum wage to $15 an hour back in 2017.
Sheri Bronstein, the bank’s Chief Human Resources Officer, emphasized the importance of establishing a competitive minimum wage as a foundational element of their approach to employee compensation. This move highlights the bank’s ongoing commitment to creating a supportive and equitable workplace for its employees.