Business & Tech
Bank Of America Raising Its Minimum Wage: Here’s How Much
Charlotte-based Bank of America announced it will be raising its minimum wage over the next two years. Here's by how much.

CHARLOTTE, NC — Bank of America is raising the minimum wage of its workers, the Charlotte-based bank announced Tuesday. On May 1, the bank’s minimum wage will increase to $17 an hour and will incrementally increase to $20 an hour in 2021.
In North Carolina, the state's minimum wage is $7.25.
“We are raising our minimum wage because we believe that to best serve our customers and clients, we need the best teams,” said Sheri Bronstein, chief human resources officer at Bank of America. “Saying thank you, celebrating great work, and sharing our success further demonstrate our commitment to being a great place to work.”
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According to the bank, the move follows previous recent minimum wage increases by more than $4 per hour since 2010. Two years ago, the bank raised the minimum wage to $15 per hour, it said.
Says the company: “Bank of America’s pay-for-performance philosophy reinforces the company’s core values and culture by inspiring employees to do great work, encouraging and retaining talent, and building trust within teams.”
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