BofA to raise minimum wage to $21/hour, starting Monday (with eye on $25)

Entry-level employees now will make $43,680 annually — and company has pledge to increase rate to $25/hour by 2025.

Bank of America announced Thursday that it is raising its minimum wage to $21 an hour, effective next Monday, Oct. 11.

The rise in pay is the latest in a series of increases — and it’s not the last: The company also said it intends to raise the minimum wage to $25 by 2025.

In the last four years, Bank of America has raised the minimum hourly wage to $15 in 2017; to $17 in 2019; and to $20 in 2020. With the increase to $21 an hour, the annualized salary is $43,680.

Alberto Garofalo, president of Bank of America New Jersey, said the increase is another example of how the company can show its commitment to its employees.

“Today’s announcement helps establish a rate of pay for our U.S. hourly employees so they can build long, successful careers with our company,” he said.

“Over the last four years, we have increased the minimum hourly wage several times to demonstrate our commitment to sharing our success with our teammates, and hopefully inspire others to do the same. By 2025, our minimum hourly wage will have increased by nearly $14 per hour — or more than 121% — since 2010.”

The company’s efforts extend beyond the pay rate for its direct employees. In May, Bank of America officials announced that all of its U.S. vendors are required to pay the employees dedicated to the bank at or above $15 per hour.

Bank of America Chief Human Resources Officer Sheri Bronstein said the company is glad to invest in its workforce.

“Our company’s focus on responsible growth requires that we provide a great place to work,” she said. “We make broad-ranging investments to attract and develop talented teammates who serve our clients and local communities every day, and who can build long, successful careers with our company.

“Today, we are taking another step forward, again increasing our minimum rate of pay for U.S. employees, demonstrating our commitment to sharing our success with teammates, and inspiring others to do the same.”