Bank of America has announced an increase in its minimum hourly wage in the United States to $25, raising the starting annual salary for full-time employees above $50,000. The new rate will take effect in early October and applies to all hourly positions, both full-time and part-time, across the country. The company says this change will impact thousands of workers nationwide.
This latest adjustment follows a series of steady increases by Bank of America over recent years, moving from $15 per hour up to the new $25 mark. With this change, the initial salary for full-time U.S. employees has risen by more than $20,000 since 2017.
The bank describes entry-level positions as a way for employees to begin long-term careers within the organization. It offers resources such as onboarding programs, professional development opportunities, education assistance, and support for career mobility.
“Nuestro salario mínimo inicial es sólido y creciente, y facilita oportunidades a nuestros compañeros de equipo para desarrollar una carrera a largo plazo en Bank of America”, afirmó Sheri Bronstein, Chief People Officer de Bank of America. “La remuneración competitiva es una de las muchas maneras en las que ayudamos a impulsar el crecimiento económico y las oportunidades en Estados Unidos”.
Bank of America reports that 97% of its employees have received incentives in addition to their regular pay, primarily in the form of restricted stock awards. Nearly $5.8 billion has been distributed through this program since it began in 2017.
The company also highlights several employee benefits including an award-winning training organization called The Academy; up to 26 weeks of parental leave (with 16 weeks fully paid); an industry-leading sabbatical program offering four to six weeks of paid time off based on tenure; backup care programs for children and adults; childcare reimbursement for eligible staff; health plans that cover routine medical visits and preventive medications at no cost; virtual healthcare services; and personalized support during critical life events.
According to Bank of America, many employees who started at minimum wage have advanced into leadership or advisory roles within the company.
External organizations have recognized Bank of America’s workplace policies: it has appeared on LinkedIn’s Best Companies list in the U.S., Fortune’s “100 Best Companies to Work For” for seven consecutive years, and People magazine’s list of “100 Companies That Care.” These acknowledgments are cited as evidence of its commitment to providing a positive work environment.
Bank of America serves about 69 million clients and small businesses across roughly 3,700 financial centers with around 15,000 ATMs and nearly 59 million verified digital banking users. The company’s shares are listed on the New York Stock Exchange under BAC.
For media inquiries: John Yiannacopoulos, Bank of America (1.646.855.2314 / john.yiannacopoulos@bofa.com).
