Bank of America has announced an increase in its U.S. minimum hourly wage to $25 per hour, effective in early October. This change will raise the minimum annualized salary for full-time employees in the United States to more than $50,000. The new wage applies to all full-time and part-time hourly positions nationwide, impacting thousands of workers.
The company has steadily raised its minimum wage over recent years, moving from under $15 per hour to the current $25 per hour rate. With this latest adjustment, starting salaries for full-time U.S. employees at Bank of America have increased by more than $20,000 since 2017.
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 competitive pay, Bank of America reports that 97% of its employees have received awards beyond regular compensation, primarily as restricted common stock. Since 2017, nearly $5.8 billion has been distributed through this program.
The bank also offers a range of benefits and employee programs such as onboarding and professional development through The Academy, up to 26 weeks of parental leave with 16 fully paid weeks, a sabbatical program offering four to six weeks paid time off based on tenure, backup child and adult care services with reimbursement options for eligible employees, health plans covering wellness visits and preventive medications at no cost, virtual care services, onsite screenings, and personalized support for critical life events via its Life Event Services team.
Bank of America’s efforts as an employer have been recognized by organizations including 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 approximately 69 million consumer and small business clients across about 3,700 retail financial centers in the United States. It operates roughly 15,000 ATMs and has around 59 million verified digital users. Globally, Bank of America offers wealth management and investment banking services in more than 35 countries.
For further information or media inquiries regarding this announcement:
John Yiannacopoulos
Bank of America
Phone: 1.646.855.2314
john.yiannacopoulos@bofa.com
