Bank of America has announced it will raise its U.S. minimum hourly wage to $25 per hour, effective in early October. This move increases 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 across the country.
The company’s decision is part of a trend over recent years, increasing its minimum wage from under $15 per hour to the new $25 rate. Since 2017, this change means that starting salaries for full-time U.S. employees 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.”
Bank of America reports that 97% of its employees have received awards beyond regular compensation, primarily as restricted common stock in the company. Nearly $5.8 billion has been distributed through this program since it began in 2017.
The bank offers additional benefits including an onboarding and professional development organization called The Academy; up to 26 weeks of parental leave with 16 fully paid; a sabbatical program offering four to six weeks paid time off depending on tenure; backup child and adult care programs with reimbursement options for eligible staff; health plans featuring no-cost wellness visits and virtual care; and personalized support services for critical life events.
According to Bank of America, ongoing investment in skills-based training allows many employees who start at entry-level wages to advance into leadership roles within the organization.
External organizations have recognized Bank of America as an employer, including LinkedIn’s Top Companies in the U.S., Fortune’s 100 Best Companies to Work For list for seven consecutive years, and People Magazine’s 100 Companies That Care.
Bank of America serves approximately 69 million consumer and small business clients with about 3,700 retail financial centers and roughly 15,000 ATMs throughout the United States. Its digital banking platform has around 59 million verified users. The company operates across more than 35 countries worldwide and is listed on the New York Stock Exchange under BAC.
