CHARLOTTE — Bank of America announced it will raise its U.S. minimum hourly wage to $25, effective in early October, increasing the minimum annual salary for full-time employees to over $50,000.
According to a release from the company, this wage increase will affect thousands of employees across the nation, helping to fuel the growth of the American economy and create job opportunities that strengthen the communities the company serves.
“Our strong and rising minimum starting salary provides opportunities for our teammates to build a long-term career at Bank of America,” Sheri Bronstein, Chief People Officer at Bank of America, said.
Bank of America has steadily increased its minimum hourly wage over the last several years, from under $15 per hour to $25 per hour. Since 2017, the starting salary for full-time U.S. employees at the bank will have gone up by more than $20,000.
The increase applies to all full-time and part-time hourly positions in the U.S. Joining the bank at the minimum wage is seen as a launchpad for a long-term career, with opportunities for professional development, tuition assistance, and career mobility.
As a further investment in its team, the company says 97% of Bank of America employees have received awards beyond regular compensation, mostly in the form of restricted common stock, with nearly $5.8 billion awarded since 2017.
Bank of America also offers benefits, including 26 weeks of parental leave, an industry-leading sabbatical program, and comprehensive health plans with no-cost wellness visits and preventative medications.
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