Hourly employees at Bank of America will gross nearly $50K, annually, says the financial institution as they raise their minimum hourly pay to $24.
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 for Bank of America in a statement sent out Tuesday.
The raise is part of a broader push at the bank that started in 2018 when wages were $15/hr, raised to $17 in 2019, and then continued to raise rates matching the year ($20 in 2020, $21 in 2021, etc). The pattern will continue in 2025 when they intend to raise hourly wages again to $25.
According to the release, Bank of America also offers a 16-week paid parental leave, a sabbatical program, and support for employees navigating critical life events such as divorce, marriage, adoption, and more.
