Bank of America Corp. announced that it has raised its minimum wage in the United States to $24 per hour, as part of its move to keep $25 by 2025. The increase applies to all full-time and part-time hourly positions in the U.S.
With the increase, the minimum annualized salary for full-time employees in the U.S. will rise to nearly $50,000, up by nearly $20,000 since 2017. In the last seven years, the banking major said it has the minimum hourly wage from $15.
In September 2023, the company had raised its U.S. minimum hourly wage for employees to $23. By 2025, its minimum hourly wage will have increased by nearly $14 per hour, or more than 121%, since 2010.
The bank also offers industry-leading benefits and employee programs for all. Additional benefits include, but are not limited to, 16 weeks of paid parental leave, an industry-leading sabbatical program, personalized support for employees navigating critical life events through Life Event Services Team, and also fostering career growth and upskilling.
Sheri Bronstein, chief human resources officer, said, 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.
According to the company, 97% of its employees have received awards beyond regular compensation, mostly in the form of its restricted common stock. More than $4.8 billion has been awarded since the program was introduced in 2017.
The bank also offers an onboarding, education and professional development organization called The Academy at Bank of America, which also provides free education to individuals in local communities to help advance their career growth and success.
In pre-market activity on the NYSE, Bank of America shares were gaining around 1.6 percent to trade at $40.11.