The company said it plans to raise its minimum wage to $25 an hour by 2025.
– Employees with Bank of America will soon be taking home at least $22 an hour as part of the company’s plans to increase its minimum hourly wage to $25 by 2025.
The bank’s hourly raise will increase the annual salary for full-time employees to more than $45,000, it said in aBank of America first raised its minimum wage to $15 an hour in 2017. In 2019, the company said it rose to $17, followed by $20 in 2020 and then to $21 in October of last year. Sheri Bronstein, chief human resources officer at Bank of America, said the company’s aim is to be a great place to work for its employees.
“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,” she said in the release.
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