Bank of America has announced it will raise its minimum hourly wage in the United States to $25, starting in early October. This increase means that full-time employees will have a minimum annual salary exceeding $50,000. The change applies to all hourly positions, both full-time and part-time, across the country.
This latest move follows a series of steady increases over recent years, with the bank’s entry-level wage rising from $15 per hour to $25 per hour since 2017. With this new rate, starting salaries for full-time employees have grown by more than $20,000 during that period.
The company stated that beginning at Bank of America with the minimum wage serves as a stepping stone for building long-term careers. Employees receive support through onboarding programs, professional development opportunities, tuition assistance, and career mobility initiatives.
“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”, afirmó Sheri Bronstein, Chief People Officer de 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”.
Bank of America reports that 97% of its employees have received incentives in addition to their regular pay since 2017. Most incentives are granted as restricted common stock awards. Nearly $5.8 billion has been distributed under this program.
Employee benefits offered by Bank of America include an award-winning training organization called The Academy; up to 26 weeks of parental leave (with 16 weeks fully paid); an industry-leading sabbatical program offering four to six weeks’ paid leave based on tenure; backup care services for children and adults; reimbursement programs for eligible child care expenses; U.S. health plans covering routine doctor visits and preventive medications at no cost; virtual health care options; in-person health assessments; and personalized support for critical life events through dedicated employee services teams.
Many employees who started their careers at the minimum wage have advanced into leadership or advisory roles within the company after ongoing investment in training and opportunity-focused workplace culture.
Bank of America’s standing as an employer has been recognized by external organizations such as 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.
The company serves about 69 million customers and small businesses across roughly 3,700 financial centers and operates approximately 15,000 ATMs nationwide. Its digital banking platform has nearly 59 million verified users. Globally, Bank of America provides asset management services and handles various asset classes for corporations, governments, institutions, and individuals in more than 35 countries. Shares are listed on the New York Stock Exchange under NYSE: BAC.
