Bank of America announces 7th increase to hourly minimum wage in 7 years

ATLANTA — Major U.S. financial institution Bank of America raised its minimum hourly wage to $24 per hour.

The institution announced the news Tuesday, saying it was the latest step in its goal of hitting $25 per hour minimum by 2025.

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Thanks to the increase, Bank of America said its full-time employees will earn almost $50,000 per year as their minimum salary, and the increase applies to all full-time and part-time hourly workers in the United States.

Over the past seven years, Bank of America has increased its wages every year from $15 per hour in 2018 to $24 per hour now.

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“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,” the company said in a statement.

Additionally, the bank announced that 97% of their employees had received awards beyond compensation, including company stock.

“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,” Sheri Bronstein, chief human resources officer at Bank of America, said.

The company said that since introducing their stock program, they’d awarded more than $4.8 billion to employees since 2017.

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