Bank of America Is Raising Its Minimum Hourly Wage to $22

Bank of America Is Raising Its Minimum Hourly Wage to $22
Bank of America Is Raising Its Minimum Hourly Wage to $22

Bank of America is increasing the wages of its lowest-paid employees to $22 per hour, or nearly $46,000 per year for full-time employees.

The Charlotte, North Carolina-based company’s pay increase boosts the earnings of a significant portion of its 174,000 U.S. workers, and follows a series of wage increases that began with the bank increasing its hourly base to $15 in 2017, $17 in 2019, and then $22 in 2021. BofA previously announced its intention to gradually increase hourly base pay to $25 by 2025.

BofA’s move coincides with a competitive labor market, a trend that has prompted massive companies to increase pay to attract workers, and rising inflation.

via

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