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

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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.

This press release is also available in Spanish, Chinese, Korean, Vietnamese, and Japanese.

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At Bank of America (NYSE: BAC), we're guided by a common purpose to help make financial lives better, through the power of every connection. We're delivering on this through responsible growth with a focus on our environmental, social and governance (ESG) leadership. ESG is embedded across our eight lines of business and reflects how we help fuel the global economy, build trust and credibility, and represent a company that people want to work for, invest in and do business with. It's demonstrated in the inclusive and supportive workplace we create for our employees, the responsible products and services we offer our clients, and the impact we make around the world in helping local economies thrive. An important part of this work is forming strong partnerships with nonprofits and advocacy groups, such as community, consumer and environmental organizations, to bring together our collective networks and expertise to achieve greater impact. Learn more at about.bankofamerica.com, and connect with us on Twitter (@BofA_News).

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SOURCE Bank of America Corporation