Bank of America (NYSE:BAC) bumped up its U.S. minimum hourly wage by $1 to $25 per hour, it said on Wednesday, noting it will also lift the minimum annualized salary for full-time employees in the U.S. to over $50K from sub-$50K a year ago.
The increase, which goes into effect in early October, applies to all full-time and part-time hourly positions in the U.S.
Over the last several years, the lender has steadily increased its minimum hourly wage from under $15. With the rise to $25, starting salary for full-time U.S. employees at the lender will have gone up by more than $20K since 2017.
Some 97% of BofA (NYSE:BAC) employees have received awards beyond regular compensation, it noted, mostly in the form of Bank of America restricted common stock. Nearly $5.8B has been awarded since the program’s inception in 2017.