Bank of America has raised its minimum hourly wage for its US employees to $24 (£18.34) per hour as part of its commitment to increase the rate to $25 (£19.10) by 2025.
As a result of the increase, which applies to all full-time and part-time hourly US positions, the minimum annualised salary for full-time employees will rise to nearly $50,000 (£38,202).
In the last seven years, Bank of America has raised the minimum hourly wage from $15 (£11.46). With the latest increase, the starting salary for full-time US employees will have increased by nearly $20,000 (£15,280) since 2017.
As part of an additional investment, 97% of Bank of America employees have received beyond regular compensation awards in the form of restricted common stock. The bank has awarded more than $4.8 billion (£3.6 billion) since 2017.
Sheri Bronstein, chief human resources officer at Bank of America, said: “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.”
Bank of America also offers employee benefits such as 16 weeks’ paid parental leave, a sabbatical programme, and personalised support for employees navigating critical life events through its life event services team.
It additionally has an onboarding, education and professional development organisation called The Academy at Bank of America, which helps employees learn new skills to advance in their careers and provides free education to individuals in local communities to help their growth and success.
The Bank of America has been recognised by Just Capital as a Top Company for Workers, LinkedIn’s Top Companies in the US, Fortune’s 100 Best Companies to Work For list for the sixth consecutive year, and People Magazine’s 100 Companies That Care.
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