Bank of America Raises Minimum Wage to $24 per Hour and Plans for $25
Bank of America Increases Minimum Wage
Bank of America is raising its minimum wage to $24 per hour, getting closer to its goal of $25 per hour by 2025. This adjustment reflects the bank's commitment to attracting and retaining talent in a competitive marketplace.
Impact on Workers
The bank announced that the minimum annualized salary for full-time workers will approach $50,000, benefiting both part-time and full-time roles across the U.S. Over the past seven years, the bank has raised the minimum wage from $15 to $24.
Statements from Leadership
“Providing a competitive minimum wage is core to being a great place to work -- and I am proud that Bank of America is leading by example,” stated Sheri Bronstein, chief human resources officer.
Context of Wage Increase
The U.S. Census Bureau reported that the weighted average poverty threshold was $30,900 for a family of four last year. The bank’s previous increases followed a clear plan set in 2021 to align wages with the market.
- 2021: Minimum wage set at $21
- 2022: Increased to $22 in May
- 2022: Increased to $23 in September
- 2023: Current increase to $24
The federal minimum wage remains at $7.25 an hour, highlighting Bank of America's proactive measures to support its workforce.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.