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Bank of America raises U.S. minimum hourly wage to $24, increasing starting salary to nearly $50K

By Staff Report, posted Sep 10, 2024 on BizFayetteville.com

Today, Sept. 10, 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.

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.

“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 in a press release. “What we have found, is that 

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. 

“What we have found is, paying a competitive wage and offering great benefits attracts the best people. And when you have the best people, you can do your best work for our customers, our clients and our communities.  But we are not just focused on attracting talent. We want to be an all around great place to work, so we really focus on how we can help our teammates grow their careers here also,” said Bronstein. 

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.

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