Bank of America will announce Friday morning that it has raised its U.S. minimum hourly wage to $24 per hour, the latest step in the company’s commitment to $25-per-hour wage by 2025.
With the increase, the minimum annualized salary for full-time employees in the U.S. will rise to nearly $50,000. The increase applies to all full-time and part-time hourly positions in the U.S.
Bank of America has nearly 11,000 employees in New Jersey.
The increase builds on the bank’s history of being a national leader in establishing a minimum rate of pay for U.S. hourly employees. Over the last seven years, Bank of America raised the minimum hourly wage from $15 to $24. With the increase to $24, starting salary for full-time U.S. employees at the bank will have gone up by nearly $20,000 since 2017.
“Providing a competitive minimum wage is core to being a great place to work — and I am proud that Bank of America is leading by example,” Chief Human Resources Officer Sheri Bronstein said.
As a further investment in the team, 97% of Bank of America employees have received awards beyond regular compensation, mostly in the form of Bank of America restricted common stock. More than $4.8 billion has been awarded since the program was introduced in 2017.
Bank of America also offers industry-leading benefits and employee programs for all.
And to help employees learn new skills and advance in their careers, Bank of America offers an award-winning onboarding, education and professional development organization called the Academy at Bank of America. Building on this employee resource, the Academy also provides free education to individuals in local communities to help advance their career growth and success.
Bank of America’s leadership as a global employer has been recognized by many external organizations, including JUST Capital as a Top Company for Workers, LinkedIn’s “Top Companies in the U.S.,” Fortune’s “100 Best Companies to Work For” list for six consecutive years and People Magazine’s “100 Companies That Care.”
