Bank of America plans minimum wage increase

Bank of America previously stated that by 2025, it intends to gradually increase its base salary to $25 per hour. The American bank has already declared that it will raise its minimum hourly rate in the United States to $22 per hour this week.

If BofA meets its salary goal in three years, it would have lifted its minimum hourly compensation by about $14, a 121 percent rise since 2010. Last year, the bank mandated that all BofA employees in the United States be paid at least $15 per hour.

JPMorgan Chase, the largest bank in the United States, pays its employees a minimum of $16.50 to $20 per hour, depending on factors such as the cost of living in a certain area.

According to Sheri Bronstein, chief human resources officer at BofA, the Charlotte, North Carolina-based corporation has a history of investing “in our teammates and their priorities through competitive pay.”

BofA has steadily raised the minimum hourly pay during the last five years, from $15 in 2017 to $17 in 2019, $20 in 2020, and $21 in October 2021. The company’s hike to $22 an hour will take effect at the end of June, bringing full-time employees’ yearly income to more than $45,000.