Bank of America has raised its U.S. minimum hourly wage to $25 per hour. That increase means full-time employees in the U.S. will have minimum annual salaries of more than $50,000. It goes into effect this month.
This is the company’s latest move, after it has steadily increased minimum wages over the past several years. Since 2017, the annual minimum wage at BofA has been raised by more than $20,000.
“Our strong and rising minimum starting salary provides opportunities for our teammates to build a long-term career at Bank of America,” said Sheri Bronstein, chief people person at BofA. “Competitive compensation is one of the many ways we are helping to drive American economic growth and opportunity.”
She said in a release that 97 percent of the bank’s employees have received awards beyond regular compensation, mostly in the form of Bank of America restricted common stock. Close to $5.8 million has been awarded to employees since that program began in 2017.