Bank of America Increases US Minimum Hourly Wage to $23 as Next Step to $25 by 2025

Today, Bank of America announced it has again increased its U.S. minimum hourly wage for employees on its stated path to $25 by 2025. The company will move to $23 in October. By 2025, its minimum hourly wage will have increased by nearly $14 per hour — or more than 121% — since 2010.

This move builds on the bank’s history of being a national leader in establishing a minimum rate of pay for U.S. hourly employees. In the last six years, Bank of America raised the minimum hourly wage to $15 in 2017; to $17 in 2019; to $20 in 2020; to $21 in 2021 – and to $22 in May 2022. The company’s increase to starting pay of $23 per hour will increase minimum annualized salary for full-time employees to nearly $48,000.

“Providing a competitive minimum rate of pay is foundational to being a great place to work,” said Sheri Bronstein, chief human resources officer at Bank of America. “By investing in a variety of benefits to attract and develop talented teammates, we are investing in the long-term success of our employees, customers and communities. Our commitment to $25 by 2025 is how we share success with you and lead the way for other companies.”

Bank of America’s leadership as a global employer has been recognized by many external organizations, most recently including JUST Capital’s #1 Company for Workers, LinkedIn’s “Top Companies in the U.S.” and Fortune’s “100 Best Companies to Work For” list for the fifth consecutive year. This recognition is a reflection of its continuous focus on providing a Great Place to Work for all teammates.