Bank of America Increases US Minimum Hourly Wage to $23 as Next Step to $25 by 2025

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09/20/2023 - 11:00 AM

Yearly Minimum Rate of Pay for Full-Time Employees will Increase to Nearly $48,000

CHARLOTTE, N.C., Sept. 20, 2023 /PRNewswire/ -- Today, Bank of America announced it has again increased its U.S. minimum hourly wage for employees on its stated path to $25 by 2025. The company will move to $23 in October. By 2025, its minimum hourly wage will have increased by nearly $14 per hour — or more than 121% — since 2010.

This move builds on the bank's history of being a national leader in establishing a minimum rate of pay for U.S. hourly employees. In the last six years, Bank of America raised the minimum hourly wage to $15 in 2017; to $17 in 2019; to $20 in 2020; to $21 in 2021 – and to $22 in May 2022. The company's increase to starting pay of $23 per hour will increase minimum annualized salary for full-time employees to nearly $48,000.

"Providing a competitive minimum rate of pay is foundational to being a great place to work," said Sheri Bronstein, chief human resources officer at Bank of America. "By investing in a variety of benefits to attract and develop talented teammates, we are investing in the long-term success of our employees, customers and communities. Our commitment to $25 by 2025 is how we share success with you and lead the way for other companies."

Bank of America's leadership as a global employer has been recognized by many external organizations, most recently including JUST Capital's #1 Company for Workers, LinkedIn's "Top Companies in the U.S." and Fortune's "100 Best Companies to Work For" list for the fifth consecutive year. This recognition is a reflection of its continuous focus on providing a Great Place to Work for all teammates.

Bank of America
Bank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 68 million consumer and small business clients with approximately 3,900 retail financial centers, approximately 15,000 ATMs (automated teller machines) and award-winning digital banking with approximately 57 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and more than 35 countries. Bank of America Corporation stock is listed on the New York Stock Exchange (NYSE: BAC).

For more Bank of America news, including dividend announcements and other important information, visit the Bank of America newsroom and register for news email alerts.

Reporters may contact:

Eliza Murphy, Bank of America
Phone: 1.347.603.6845
eliza.murphy@bofa.com