BofA Raises U.S. Minimum Hourly Wage to $25

Bank of America has raised its U.S. minimum hourly wage to $25 per hour. With the increase, the minimum annualized salary for full-time employees in the U.S. will rise to more than $50,000. The increase, which goes into effect in early October, applies to all full-time and part-time hourly positions in the U.S., affecting thousands of employees across the nation and helping to fuel the growth of the American economy and create job opportunities that strengthen the communities the company serves.

This is the company’s latest move, after steadily increasing over the last several years, from under $15 per hour to $25 per hour. This builds on the bank’s history of being a national leader in establishing a competitive minimum rate of pay for U.S. hourly employees.

Joining the bank at the minimum wage is a launchpad for a long-term career. From onboarding and professional development to tuition assistance and career mobility, the company is committed to a workplace where every teammate has the opportunity to grow and succeed.

“Our strong and rising minimum starting salary provides opportunities for our teammates to build a long-term career at Bank of America,” said Sheri Bronstein, Chief People Officer, Bank of America. “Competitive compensation is one of the many ways we are helping to drive American economic growth and opportunity.”