A leader in the global banking industry will raise the minimum wage for its employees for the fourth time since 2017.
“Our focus on being a great place to work is core to everything we do and underscores the role our teammates play in our success,” Sheri Bronstein, chief human resources officer at Bank of America, said in a press release.
The minimum hourly wage at Bank of America will go from $21 to $22 by this June. It will put full-time employees making more than $45,000 a year.
One of Fortune magazine’s “Best 100 Companies to Work” — up from the 77th spot in 2020 to the 22nd in 2021 — Bank of America began increasing its hourly wage in 2017, when it paid $15. It rose to $17 in 2019 and $20 by 2020. In a press release, the bank noted its goal is to raise pay to $25 an hour by 2025.
“We continue to invest in our teammates and their priorities through competitive pay; industry-leading benefits and resources for physical, emotional and financial wellbeing; long-term career development tools and programs; and in our diversity, equity and inclusion efforts across the company, so that we continue to attract and retain the best talent,” Bronstein said in the release.
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