Bank of America announced it will raise its U.S. minimum hourly wage to $25 per hour, with the change taking effect in early October. This adjustment will bring the minimum annualized salary for full-time employees in the United States to over $50,000. The new wage applies to all full-time and part-time hourly roles nationwide, impacting thousands of workers.
The company has steadily increased its minimum pay from under $15 per hour several years ago to the new rate of $25 per hour. Since 2017, this move means that starting salaries for full-time U.S. employees at Bank of America have risen by more than $20,000.
Sheri Bronstein, Chief People Officer at Bank of America, said: “Our strong and rising minimum starting salary provides opportunities for our teammates to build a long-term career at Bank of America. Competitive compensation is one of the many ways we are helping to drive American economic growth and opportunity.”
In addition to higher wages, Bank of America states that 97% of its employees have received awards beyond regular pay, mainly through restricted common stock grants from the company. Nearly $5.8 billion has been distributed through this program since it began in 2017.
Bank of America also offers several employee benefits and programs including an onboarding and professional development organization called The Academy; up to 26 weeks parental leave with 16 weeks fully paid; a sabbatical program providing four to six weeks paid time off depending on tenure; backup child and adult care services as well as childcare expense reimbursement for eligible staff; health plans covering wellness visits and preventive medications at no cost; virtual care; onsite screenings; and support for employees experiencing major life events.
The company says that many employees who start their careers at the minimum wage advance into leadership or mentoring positions within the organization.
Bank of America's reputation as an employer has been recognized by organizations such as LinkedIn’s Top Companies in the U.S., Fortune’s 100 Best Companies to Work For (for seven consecutive years), and People Magazine’s 100 Companies That Care.
The company serves about 69 million consumer and small business clients across roughly 3,700 retail financial centers in the United States, operates about 15,000 ATMs, and has approximately 59 million verified digital users. Its stock is listed on the New York Stock Exchange under BAC.