Bank Of America Raises Hourly Wage To $23

(RTTNews) - Bank of America (BAC) Wednesday announced it has raised its U.S. minimum hourly wage for employees to $23.

The company said it is on its path to $25 hourly wage by 2025. The company will move to $23 in October. By 2025, its minimum hourly wage will have increased by nearly $14 per hour, or more than 121%, since 2010.

In the last six years, Bank of America raised the minimum hourly wage to $15 in 2017; to $17 in 2019; to $20 in 2020; to $21 in 2021 - and to $22 in May 2022. The company's increase to starting pay of $23 per hour will increase minimum annualized salary for full-time employees to nearly $48,000.

"Providing a competitive minimum rate of pay is foundational to being a great place to work," said Sheri Bronstein, chief human resources officer at Bank of America. "By investing in a variety of benefits to attract and develop talented teammates, we are investing in the long-term success of our employees, customers and communities. Our commitment to $25 by 2025 is how we share success with you and lead the way for other companies."