Bank of America is set to increase its U.S. minimum hourly wage to $25, effective early October, impacting thousands of employees across the country.
This wage increase will raise the minimum annual salary for full-time employees to over $50,000, marking an increase of more than $20,000 since 2017.
The company currently employs 5,290 people in Atlanta, where many of the new starting pay positions are based, and operates 104 local financial centers in the area.
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The move is part of Bank of America’s ongoing efforts to provide competitive compensation and support economic growth.
“Our strong and rising minimum starting salary provides opportunities for our teammates to build a long-term career at Bank of America. Competitive compensation is one of the many ways we are helping to drive American economic growth and opportunity,” said Sheri Bronstein, chief people officer at Bank of America.
The wage increase applies to both full-time and part-time employees.
Since 2017, Bank of America has steadily increased its starting wage from less than $15 per hour to the current $25 per hour.
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