Bank of America Accelerates US Minimum Hourly Wage to $22 as Next Step to $25 by 2025

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May 23, 2022, 07:00 ET

Yearly Minimum Rate of Pay For Full-Time Employees Will Increase To More Than $45,000

CHARLOTTE, N.C., May 23, 2022 /PRNewswire/ -- Today, Bank of America announced it has raised its U.S. minimum hourly wage to $22 as a next step in the company's plans to increase to $25 by 2025.

This builds on the company's history of being a national leader in establishing a minimum rate of pay for its U.S. hourly employees. In the last five years, Bank of America raised the minimum hourly wage to $15 in 2017; in 2019 it rose to $17; in 2020, to $20 — and in October 2021, to $21. The company's increase to paying $22 per hour, effective end of June, will increase annualized salary for full-time employees to more than $45,000.

"Our focus on being a great place to work is core to everything we do and underscores the role our teammates play in our success," said Sheri Bronstein, chief human resources officer at Bank of America. "We continue to invest in our teammates and their priorities through competitive pay; industry-leading benefits and resources for physical, emotional and financial wellbeing; long-term career development tools and programs; and in our diversity, equity and inclusion efforts across the company, so that we continue to attract and retain the best talent."

Bank of America's efforts have been recognized by a number of external organizations including LinkedIn's "Top Companies in the U.S." and Fortune's "100 Best Companies to Work For" list for four consecutive years.

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SOURCE Bank of America Corporation