Bank of America announced Monday it has raised its U.S. minimum hourly wage to $22, effective at the end of June. The increase means the annual salary of all full-time employees now will be at least $45,000.
The increase is part of the company’s stated plans to increase its minimum wage to $25 an hour by 2025.
The increase, which comes earlier than planned, builds on the company’s history of being a national leader in pay for its U.S. hourly employees.
In the last five years, Bank of America now raised its minimum hourly wage five times. Previous increases include:
- $15 in 2017;
- $17 in 2019;
- $20 in 2020;
- $21 in 2021;
Bank of America Chief Human Resources Officer Sheri Bronstein said the increase reflects the bank’s commitment to being a sought-after employer.
“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,” she said. “We continue to invest in our teammates and their priorities through competitive pay; industry-leading benefits and resources for physical, emotional and financial well-being; 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.”
Alberto Garofalo, New Jersey president of Bank of America, said the move will have great impact in the state.
“We’re proud to offer competitive pay and industry-leading benefits for our 11,000 teammates here in New Jersey,” he said. “We’re focused on being a great place to work, and that means providing resources for physical, emotional and financial well-being, and long-term career development programs.”
Bank of America’s efforts have been recognized by a number of external organizations, including LinkedIn’s “Top Companies in the U.S.” and Fortune’s “100 Best Companies to Work For” list for four consecutive years.