Bank of America is raising its minimum wage to $24 per hour, getting a step closer to the company’s goal of increasing it to $25 per hour by 2025, the U.S. lender announced on Tuesday.
The bank said the minimum annualized salary for full-time workers will bump up closer to $50,000, an increase for both part-time and full-time positions in the U.S.
The bank increased the minimum hourly wage in the last seven years from $15 to $24, an effort in part to assist in keeping and bringing in talent in an increasingly competitive job market.
“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.
The weighted average poverty threshold was $30,900 for a family of four last year, according to the data released Tuesday by the U.S. Census Bureau.
Bank of America said in September last year that it was raising the minimum wage to $23, following the increase to $22 in May 2022 and $21 in 2021.
In 2021, the bank said it planned to eventually hike the minimum wage to $25 by 2025.
The federal minimum is $7.25 an hour.
