Bank of America will increase the pay for its lowest-paid employees to $22 per hour. This averages the minimum average salary of full-time workers to $46,000 per year.
Bank of America increased its hourly minimum wage in 2017 to $15 per hour, followed by $17 in 2019, and $21 in 2021. Their goal is to increase the minimum wage to $25 by 2025.
Sheri Bronstein, the Chief of Human Resources at the bank stated:
“We continue to invest in our teammates and their priorities through competitive pay; industry-leading benefits and resources for physical, emotional, and financial wellbeing; long-term career development tools and programs; and in our diversity, equity and inclusion efforts across the company, so that we continue to attract and retain the best talent.”
In addition to raising its minimum wage, the company requires U.S. vendors who work on the bank’s business to be paid at least $15 per hour. Bank of America’s competitor, Chase bank pays a minimum wage of $16.50 to $20 per hour depending on the cost of living in a particular area.
According to CBS News, “Should BofA reach its wage target for 2025, its minimum hourly pay will have increased by nearly $14 — a jump of more than 121% since 2010.”