Bank of America raises minimum wage to $23 an hour as part of broader effort

$250 million FILE PHOTO: Bank of America to pay $250 million for doubling up on fees and opening accounts without customer approval. (J. Michael Jones/Getty Images)

By Charlotte Business Journal

CHARLOTTE — Bank of America Corp. will boost its hourly minimum wage to $23 this fall. It marks another step in the company’s ongoing plan to reach a minimum wage of $25 per hour by 2025.

That initiative was announced more than two years ago by CEO Brian Moynihan. It followed the Charlotte-based bank’s pledge in April 2019 for a minimum wage of $20 per hour by 2021. BofA met that target earlier than expected in March 2020.

[ READ MORE: Novant Health increasing minimum wage to $17, affecting 4,400 workers ]

The latest hike, which will take effect in October, will increase the minimum salary of full-time employees to nearly $48,000 a year — up from about $45,000 a year ago.

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