Bank of America has announced an increase in its U.S. minimum hourly wage to $25 per hour, effective in early October. This change will raise the minimum annualized salary for full-time employees to more than $50,000. The new rate applies to all full-time and part-time hourly positions across the United States.
The company has gradually increased its minimum wage over several years, moving from under $15 per hour to the current $25. With this adjustment, starting salaries for full-time U.S. employees have risen by more than $20,000 since 2017.
Sheri Bronstein, Chief People Officer at Bank of America, stated: “Our strong and rising minimum starting salary provides opportunities for our teammates to build a long-term career at Bank of America. Competitive compensation is one of the many ways we are helping to drive American economic growth and opportunity.”
In addition to higher pay, Bank of America reports that 97% of its employees have received awards beyond regular compensation, primarily in the form of restricted common stock. Since 2017, nearly $5.8 billion has been distributed through this program.
The company offers various benefits including an onboarding and professional development organization called The Academy; up to 26 weeks of parental leave with 16 weeks fully paid; a sabbatical program offering four to six weeks of paid time off based on tenure; backup care programs for children and adults; reimbursement programs for childcare expenses; health plans with no-cost wellness visits and preventive medications; virtual care options; onsite screenings; and personalized support for employees navigating significant life events.
Many employees who start at the minimum wage move into roles where they take on leadership or mentorship responsibilities within their communities.
Bank of America has been recognized by organizations such as LinkedIn’s Top Companies in the U.S., Fortune’s 100 Best Companies to Work For (seven consecutive years), and People Magazine’s 100 Companies That Care list.
The company serves approximately 69 million consumer and small business clients in the United States through about 3,700 retail financial centers and roughly 15,000 ATMs. It also reports having around 59 million verified digital users. Globally, Bank of America operates in more than 35 countries and supports approximately four million small business households with online products and services.
For further information, reporters may contact John Yiannacopoulos at Bank of America by phone at 1.646.855.2314 or via email at john.yiannacopoulos@bofa.com.
