- Bank of America Corp (NYSE: BAC) is raising the U.S. minimum hourly wage to $22. These are the details.
Bank of America Corp (NYSE: BAC) is raising the U.S. minimum hourly wage to $22. This is linked to a plan from the company to a promise of paying workers $25 an hour by 2025.
In the last 5 years, Bank of America raised the minimum hourly wage to $15 in 2017; in 2019 it rose to $17; in 2020, to $20 — and in October 2021, to $21. The company’s increase to paying $22 per hour, effective the end of June, will increase annualized salary for full-time employees to more than $45,000. Plus the company also started requiring its vendors to set a minimum wage of $15 an hour.
KEY QUOTE:
“Our focus on being a great place to work is core to everything we do and underscores the role our teammates play in our success. We continue to invest in our teammates and their priorities through competitive pay; industry-leading benefits and resources for physical, emotional, and financial wellbeing; long-term career development tools and programs; and in our diversity, equity and inclusion efforts across the company, so that we continue to attract and retain the best talent.”
– Sheri Bronstein, chief human resources officer at Bank of America
