The bank has committed to $25 per hour by 2025
CHARLOTTE, N.C., Sept. 10,
2024 /PRNewswire/ -- Today, Bank of America announced
that it has raised its U.S. minimum hourly wage to
$24 per hour, the latest step in the
company's commitment to $25 by 2025.
With the increase, the minimum annualized salary for full-time
employees in the U.S. will rise to nearly $50,000. The increase applies to all full-time
and part-time hourly positions in the U.S.
A national leader
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 seven years, Bank of America raised the minimum
hourly wage from $15 to $24 in 2024.
- With the increase to $24,
starting salary for full-time U.S. employees at the bank will have
gone up by nearly $20,000 since
2017.
Competitive pay, industry-leading benefits
"Providing
a competitive minimum wage is core to being a great place to work
-- and I am proud that Bank of America is leading by example," said
Sheri Bronstein, chief human
resources officer.
As a further investment in the team, 97% of Bank of America
employees have received awards beyond regular compensation, mostly
in the form of Bank of America restricted common stock. More than
$4.8 billion has been awarded since
the program was introduced in 2017.
Bank of America also offers industry-leading benefits and
employee programs for all. Additional benefits include, but are not
limited to:
- 16 weeks of paid parental leave
- An industry-leading sabbatical program
- Personalized support for employees navigating critical life
events through our Life Event Services Team
Fostering career growth and upskilling
To help
employees learn new skills and advance in their careers, Bank of
America offers an award-winning onboarding, education and
professional development organization called The Academy at Bank of
America. Building on this employee resource, The Academy also
provides free education to individuals in local communities to help
advance their career growth and success.
Bank of America's leadership as a global employer has been
recognized by many external organizations, including JUST Capital
as a Top Company for Workers, LinkedIn's "Top Companies in the
U.S.", Fortune's "100 Best Companies to Work For" list for the
sixth consecutive year, and People Magazine's "100 Companies That
Care." This recognition is a reflection of Bank of America's
continuous focus on providing a Great Place to Work for all
teammates.
Bank of America
Bank of America is one of the world's
leading financial institutions, serving individual consumers, small
and middle-market businesses and large corporations with a full
range of banking, investing, asset management and other financial
and risk management products and services. The company provides
unmatched convenience in the United
States, serving approximately 69 million consumer and small
business clients with approximately 3,800 retail financial centers,
approximately 15,000 ATMs (automated teller machines) and
award-winning digital banking with approximately 58 million
verified digital users. Bank of America is a global leader in
wealth management, corporate and investment banking and trading
across a broad range of asset classes, serving corporations,
governments, institutions and individuals around the world. Bank of
America offers industry-leading support to approximately 4 million
small business households through a suite of innovative,
easy-to-use online products and services. The company serves
clients through operations across the
United States, its territories and more than 35 countries.
Bank of America Corporation stock is listed on the New York Stock
Exchange (NYSE: BAC).
For more Bank of America news, including dividend announcements
and other important information, visit the Bank of America newsroom
and register for news email alerts.
Reporters may contact:
Eliza
Murphy, Bank of America
Phone: 1.347.603.6845
eliza.murphy@bofa.com
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SOURCE Bank of America Corporation