Bank of America nudges up U.S. minimum wage to $24/hour
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Bank of America (NYSE:BAC) has raised its U.S. minimum wage to $24 per hour from $23, it said on Tuesday, marking the latest step in the bank’s commitment to $25 by 2025.
With the increase, the minimum annualized salary for full-time staffers in the U.S. will advance to nearly $50K. The wage gain applies to all full-time and part-time hourly positions in the U.S.
In the last seven years, Bank of America (BAC) lifted the minimum hourly wage from $15 to $24 in 2024.
Some 97% of the lender’s employees have received awards beyond regular compensation, it said, mostly in the form of Bank of America (BAC) restricted common stock. More than $4.8B has been awarded since the program was launched in 2017.