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Bank of America, headquartered in Charlotte, is set to raise its minimum hourly wage for U.S. employees once again.
The company’s latest announcement on Wednesday outlines the move to a $23 minimum wage in October, aligning with its broader goal of reaching $25 by 2025.
As a result of this adjustment, the minimum annualized salary for full-time employees will climb to nearly $48,000, according to information provided by the company. Bank of America has demonstrated a consistent commitment to increasing the minimum hourly wage over the past six years, with incremental raises as follows:
- $15 in 2017
- $17 in 2019
- $20 in 2020
- $21 in 2021
- $22 in 2022
The upcoming increase to $23 an hour reinforces Bank of America’s dedication to providing competitive and fair compensation for its employees.
