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Bank of America Increases Minimum Wage to $25/hr

In a significant move to enhance employee welfare, Bank of America has announced an increase in its minimum hourly wage to $25. This decision marks a pivotal step in elevating the starting salary for full-time employees to above $50,000 per year, an increase that becomes effective in early October. The new wage applies to all hourly positions throughout the United States, encompassing both full-time and part-time roles. This initiative will positively impact thousands of employees nationwide and is expected to bolster the growth of the U.S. economy while creating job opportunities in the communities served by the bank.

A Commitment to Competitive Compensation

This wage adjustment is not an isolated incident; it follows a series of incremental raises that the bank has implemented over the years, transitioning from a minimum of $15 an hour to the current $25. With this latest increase, Bank of America continues to reinforce its position as a national leader in setting competitive minimum wage standards for hourly employees in the country. Since 2017, the minimum starting salary for full-time American employees at the bank has appreciated by over $20,000.

“Starting at the bank with a minimum wage is a stepping stone for career development in the long term. Our commitment extends from employment onboarding and professional development to assistance with education costs and career mobility,” said Sheri Bronstein, Bank of America’s Chief People Officer. “Our solid and growing starting minimum wage creates opportunities for our teammates to build a long-term career at Bank of America.”

Competitive Pay and Industry-Leading Benefits

In addition to this wage increase, Bank of America invests significantly in its workforce. A notable 97% of employees have received incentives beyond their regular compensation, with a substantial issuance of restricted stock awards amounting to nearly $5.8 billion since the program's inception in 2017. The bank provides top-tier benefits and programs for all employees, including:

• - The Academy: An award-winning organization focused on employee onboarding, education, and professional growth.
• - 26 weeks of parental leave, with 16 weeks fully paid.
• - A unique sabbatical program offering 4 to 6 weeks of paid time off based on tenure.
• - Back-up care programs for children and adults and childcare reimbursement for eligible employees.
• - Health plans that incorporate routine medical visits, preventive medications, virtual health care, and in-person evaluations at no cost.
• - Personalized support for employees and their families facing critical life events through dedicated Life Events Services.

Through ongoing investments in training and a culture grounded in opportunity, many employees who started their careers at the bank with minimum wage have advanced to positions where they lead, advise, support their families, and give back to their communities. Bank of America’s leadership as a preferred global employer has been recognized by numerous external organizations, consistently showing up on LinkedIn’s lists of Best Companies in the U.S., Fortune’s list of the 100 best companies to work for for seven consecutive years, and People magazine’s list of 100 companies that care about their employees.

These acknowledgments reflect Bank of America’s continuous efforts to provide an excellent workplace for all its team members.

About Bank of America

Bank of America is recognized as a leading financial institution worldwide, offering a wide array of banking, investment, asset management, and risk management products and services to individuals, small and medium-sized enterprises, and large corporations. The company delivers unparalleled service across the United States, catering to approximately 69 million consumers and small businesses through 3,700 financial centers and around 15,000 ATMs, alongside a highly awarded digital banking platform accommodating nearly 59 million verified digital banking users.

Additionally, Bank of America is a global leader in wealth management, corporate and investment banking, trading multiple asset classes while serving corporations, governments, institutions, and individuals worldwide. The bank provides industry-leading support to approximately 4 million small business owners through a suite of innovative and user-friendly online products and services. This commitment to employee and community welfare continues to set Bank of America apart in the competitive financial landscape.

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