BofA Raises U.S. Minimum Hourly Wage to $24, Increasing Starting Salary to Nearly $50K

Rhea-AI Summary

Bank of America (NYSE: BAC) has raised its U.S. minimum hourly wage to $24, increasing the minimum annualized salary for full-time employees to nearly $50,000. This is part of the bank's commitment to reach $25 per hour by 2025. The increase applies to all full-time and part-time hourly positions in the U.S. In the last seven years, BAC has raised its minimum hourly wage from $15 to $24.

As part of its employee benefits, 97% of BAC employees have received awards beyond regular compensation, mostly in Bank of America restricted common stock. The bank also offers 16 weeks of paid parental leave, an industry-leading sabbatical program, and personalized support for critical life events. BAC provides free education through The Academy to help employees and local community members advance their careers.

Positive

• Increased minimum hourly wage to $24, raising annual salaries to nearly $50,000
• 97% of employees received additional compensation awards, mostly in BAC stock
• Commitment to reach $25 per hour minimum wage by 2025
• Offers 16 weeks of paid parental leave and an industry-leading sabbatical program
• Provides free education and career development resources through The Academy

Negative

• None.

News Market Reaction

-0.48%

1 alert

-0.48% News Effect

On the day this news was published, BAC declined 0.48%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

The bank has committed to $25 per hour by 2025

CHARLOTTE, N.C., Sept. 10, 2024 /PRNewswire/ -- Today, Bank of America announced that it has raised its U.S. minimum hourly wage to $24 per hour, the latest step in the company's commitment to $25 by 2025. With the increase, the minimum annualized salary for full-time employees in the U.S. will rise to nearly $50,000. The increase applies to all full-time and part-time hourly positions in the U.S.

A national leader
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 seven years, Bank of America raised the minimum hourly wage from $15 to $24 in 2024.
• With the increase to $24, starting salary for full-time U.S. employees at the bank will have gone up by nearly $20,000 since 2017.

Competitive pay, industry-leading benefits
"Providing a competitive minimum wage is core to being a great place to work -- and I am proud that Bank of America is leading by example," said Sheri Bronstein, chief human resources officer.

As a further investment in the team, 97% of Bank of America employees have received awards beyond regular compensation, mostly in the form of Bank of America restricted common stock. More than $4.8 billion has been awarded since the program was introduced in 2017.

Bank of America also offers industry-leading benefits and employee programs for all. Additional benefits include, but are not limited to:

• 16 weeks of paid parental leave
• An industry-leading sabbatical program
• Personalized support for employees navigating critical life events through our Life Event Services Team

Fostering career growth and upskilling
To help employees learn new skills and advance in their careers, Bank of America offers an award-winning onboarding, education and professional development organization called The Academy at Bank of America. Building on this employee resource, The Academy also provides free education to individuals in local communities to help advance their career growth and success.

Bank of America's leadership as a global employer has been recognized by many external organizations, including JUST Capital as a Top Company for Workers, LinkedIn's "Top Companies in the U.S.", Fortune's "100 Best Companies to Work For" list for the sixth consecutive year, and People Magazine's "100 Companies That Care." This recognition is a reflection of Bank of America's 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 69 million consumer and small business clients with approximately 3,800 retail financial centers, approximately 15,000 ATMs (automated teller machines) and award-winning digital banking with approximately 58 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

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SOURCE Bank of America Corporation

FAQ

What is Bank of America's new minimum hourly wage in 2024?

Bank of America (BAC) has raised its U.S. minimum hourly wage to $24 in 2024.

How much will Bank of America's full-time employees earn annually with the new minimum wage?

With the increase to $24 per hour, the minimum annualized salary for full-time Bank of America (BAC) employees in the U.S. will rise to nearly $50,000.

What is Bank of America's target minimum hourly wage by 2025?

Bank of America (BAC) has committed to reaching a minimum hourly wage of $25 by 2025.

How many weeks of paid parental leave does Bank of America offer?

Bank of America (BAC) offers 16 weeks of paid parental leave as part of its employee benefits package.

What percentage of Bank of America employees received awards beyond regular compensation?

97% of Bank of America (BAC) employees have received awards beyond regular compensation, mostly in the form of Bank of America restricted common stock.