Bank of America is set to raise its minimum hourly wage to $24 starting next month, marking a significant step toward its goal of reaching $25 per hour by 2025. This wage increase is part of the bank’s ongoing efforts to remain competitive in the job market and foster a supportive work environment. With this change, Bank of America continues to lead by example in offering a strong compensation package, according to Sheri Bronstein, the company’s chief human resources officer.
This wage hike has become a regular occurrence for Bank of America, reflecting a steady pattern of increases over the last few years. Back in October 2021, the bank raised its minimum wage to $21 per hour, followed by increases to $22 in May 2022 and $23 last October. This gradual upward trend started with a minimum wage of $15 in 2017. The bank initially set a goal to pay $20 per hour by 2021 but achieved that target a year early. Since then, the bank has worked toward its next milestone of $25 per hour, which would represent a 121% increase from its minimum wage in 2010.
Reaching the $24 per hour mark will boost the bank’s lowest annual salaries to approximately $50,000. If Bank of America succeeds in reaching its $25 per hour goal by next year, it will solidify its position as a leader in fair compensation, particularly among large financial institutions.
In addition to raising wages, Bank of America has consistently offered other benefits to its employees. For the seventh year in a row, the bank announced in January that it would distribute restricted stock bonuses worth a collective $800 million to around 97% of its staff. Employees earning $500,000 or less were eligible for the bonuses, with workers making $100,000 or less included in the bonus program for the past three years.
In conclusion, Bank of America’s commitment to competitive wages and employee benefits demonstrates its dedication to being an attractive employer. As it moves closer to its $25 per hour target, the bank is reinforcing its position as a company that values its workforce and aims to provide substantial financial security for its employees.
