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Bank of America to Increase Minimum Wage to $23

Bank of America (BAC.N) has announced its plan to raise its minimum hourly wage to $23 in October, aiming to achieve a target of $25 per hour by 2025. This decision demonstrates the company’s commitment to providing adequate compensation to its employees.

The increase in minimum wage equates to an annual salary of nearly $48,000 for full-time employees, making Bank of America one of the companies with a higher minimum wage in the United States.

Since 2017, BofA has consistently raised its minimum wage, starting with an increase to $15 per hour. This latest raise is a significant step towards the bank’s goal of ensuring competitive compensation for its workforce.

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“Providing a competitive minimum rate of pay is foundational,” stated Sheri Bronstein, the bank’s chief human resources officer, emphasizing the importance of fair compensation in attracting and retaining talented individuals.

BofA has increased pay several times in recent years, starting with a move to $15 an hour in 2017.

“Providing a competitive minimum rate of pay is foundational,” Sheri Bronstein, the bank’s chief human resources officer said in the statement.