Bank of America has announced an increase in its minimum hourly wage in the United States to $25. The change, effective at the beginning of October, will set the minimum annual salary for full-time employees above $50,000. This adjustment applies to all hourly positions, both full-time and part-time, across the country.
The bank has steadily raised its minimum wage over recent years, moving from $15 per hour to the new rate of $25 per hour. With this latest increase, starting pay for U.S. full-time employees has risen by more than $20,000 since 2017.
According to Bank of America, entry-level roles serve as a foundation for long-term career development within the company. The organization offers programs supporting onboarding, professional growth, educational assistance, and career mobility.
Sheri Bronstein, Chief People Officer at Bank of America, stated: “Nuestro salario mínimo inicial es sólido y creciente, y facilita oportunidades a nuestros compañeros de equipo para desarrollar una carrera a largo plazo en Bank of America. La remuneración competitiva es una de las muchas maneras en las que ayudamos a impulsar el crecimiento económico y las oportunidades en Estados Unidos”.
The bank reports that 97% of its employees have received incentives beyond regular compensation—primarily in restricted stock units—totaling nearly $5.8 billion since 2017.
In addition to competitive pay, Bank of America provides industry-leading benefits such as an award-winning training academy (The Academy), up to 26 weeks of parental leave with 16 weeks fully paid, a sabbatical program offering four to six weeks of paid time off based on tenure, backup care for children and adults with reimbursement options for eligible employees’ childcare expenses, comprehensive health plans including routine visits and preventive medications at no cost in the U.S., and personalized support services for employees facing critical life events.
Many employees who began their careers at entry-level wages have advanced into leadership or advisory roles within the company.
Bank of America’s workplace practices have been recognized by external organizations. The company has appeared on LinkedIn’s Best Companies list in the U.S., Fortune’s 100 Best Companies to Work For for seven consecutive years, and People magazine’s list of companies that care about their employees.
Bank of America serves approximately 69 million clients and small businesses through about 3,700 financial centers and around 15,000 ATMs nationwide. Its digital banking platform is used by nearly 59 million verified users. The institution operates in more than 35 countries and is listed on the New York Stock Exchange under NYSE: BAC.