Bank of America has raised its U.S. minimum hourly pay to $22 an hour and plans to increase this to $25 an hour by 2025.
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 $15 in 2017; in 2019 it rose to $17; in 2020, to $20 — and in October 2021, to $21.
Bank of America is one of the nation's largest banks with over 4,100 retail financial centers and 16,000 ATMs. The company has over 165,000 employees.
The company's increase to paying $22 per hour, effective end of June, will increase annualized salary for full-time employees to more than $45,000.
"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."