Bank of America has announced that it is raising its US minimum hourly wage to $22 (£17) as of the end of June, seeing an annualised salary for full-time employees increase to more than $45,000 (£36,007.20).
According to the bank, this builds on its history of being a national leader in establishing a minimum rate of pay for its US hourly employees, and is part of its overall plan to reach $25 an hour by 2025.
Bank of America raised its minimum hourly wage to $15 in 2017, to $17 in 2019, to $20 in 2020, and to $21 in October 2021.
Sheri Bronstein, chief human resources officer at Bank of America, explained that the bank’s focus on being a great place to work is core to everything it does and underscores the role its staff play in its success.
She said: “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.”
This announcement follows Royal Bank of Canada raising base pay by 3% for its lower-paid employees, as part of a $200 million (£124.6 million) spending package. Set to take effect from 1 July, the increase applies to all staff in entry-level and less senior positions at branches, call centres and other divisions.
According to the bank, which employs more than 85,000 full-time workers, the aim of is to fend off competition for talent by improving salaries and benefits, such as employee pensions, fertility and surrogacy services and adoption, flexibility and a paid sabbatical programme for staff when they reach employment anniversaries.