Bank of America Accelerates US Minimum Hourly Wage to $22 as Next Step to $25 by 2025
Bank of America has announced an increase in its U.S. minimum hourly wage to $22, effective at the end of June 2022, as part of its plan to reach $25 by 2025. This raise will elevate the annual salary for full-time employees to over $45,000. The bank has progressively raised its minimum wage over the past five years, starting from $15 in 2017. This initiative continues to reinforce the bank's commitment to being a leading employer and enhancing employee welfare through competitive pay and comprehensive benefits.
- Increase in minimum hourly wage to $22, enhancing employee compensation.
- Progressive wage increases over the last five years demonstrate commitment to employee welfare.
- Recognition by LinkedIn and Fortune highlights Bank of America's strong workplace reputation.
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Yearly Minimum Rate of Pay For Full-Time Employees Will Increase To More Than
CHARLOTTE, N.C., May 23, 2022 /PRNewswire/ -- Today, Bank of America announced it has raised its U.S. minimum hourly wage to
This builds on the company's history of being a national leader in establishing a minimum rate of pay for its U.S. hourly employees. In the last five years, Bank of America raised the minimum hourly wage to
"Our focus on being a great place to work is core to everything we do and underscores the role our teammates play in our success," said Sheri Bronstein, chief human resources officer at Bank of America. "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."
Bank of America's efforts have been recognized by a number of external organizations including LinkedIn's "Top Companies in the U.S." and Fortune's "100 Best Companies to Work For" list for four consecutive years.
This press release is also available in Spanish, Chinese, Korean, Vietnamese, and Japanese.
Bank of America Environmental, Social and Governance
At Bank of America (NYSE: BAC), we're guided by a common purpose to help make financial lives better, through the power of every connection. We're delivering on this through responsible growth with a focus on our environmental, social and governance (ESG) leadership. ESG is embedded across our eight lines of business and reflects how we help fuel the global economy, build trust and credibility, and represent a company that people want to work for, invest in and do business with. It's demonstrated in the inclusive and supportive workplace we create for our employees, the responsible products and services we offer our clients, and the impact we make around the world in helping local economies thrive. An important part of this work is forming strong partnerships with nonprofits and advocacy groups, such as community, consumer and environmental organizations, to bring together our collective networks and expertise to achieve greater impact. Learn more at about.bankofamerica.com, and connect with us on Twitter (@BofA_News).
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Reporters may contact:
Eliza Murphy, Bank of America
Phone: 1.347.603.6845
eliza.murphy@bofa.com
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SOURCE Bank of America Corporation
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