Business

Bank of America raises its workers minimum wage to $22 an hour and expects to pay $25 by 2025

Bank of America announced today that it has increased the minimum wage for its workers to $22 per hour, as part of the company’s plan to reach $25 by 2025.

Over the past five years, Bank of America raised the hourly minimum wage to $15 in 2017, $17 in 2019, $20 in 2020, and $21 in October 2021.

The company’s pay increase to $22 an hour, which will take effect at the end of June, will increase the annual salary of full-time employees to more than $45,000 a year.

Bank of America raises its workers minimum wage to $22 an hour and expects to pay $25 by 2025

“Our focus on providing a great workplace is core to everything we do and highlights the role our colleagues play in our success,” said Sheri Bronstein, chief human resources officer at Bank of America, according to a press release. 

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“We continue to invest in our colleagues and their priorities through competitive pay, benefits and industry-leading resources for physical, emotional and financial wellness; in long-term professional development tools and programs; and in our effort to promote diversity, equality and inclusion throughout the company, so that we can continue to attract and retain the best talent,” added Bronstein.

The work of Bank of America – which is the second-largest bank in the United States – has been recognized for four consecutive years by a number of external organizations, including “Top US Companies”. LinkedIn and Fortune’s “100 Best Companies to Work For” list.

It is worth noting that, in January of this year, Bank of America – which is the second largest bank in the United States – gave about 97% of its employees special compensation awards, the majority in the form of restricted stock units, according to it was reported in Reuters.

The recent wage increase comes at a time when inflation in the US remains at a 40-year-high, driving up prices for food, health care and rent.

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