Monday, July 4, 2022

Bank of America raises hourly wage to $22 by June, eyes $25 by 2025

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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Shea Carver
Shea Carver is the editor in chief at Port City Daily. A UNCW alumna, Shea worked in the print media business in Wilmington for 22 years before joining the PCD team in October 2020. She specializes in arts coverage — music, film, literature, theatre — the dining scene, and can often be tapped on where to go, what to do and who to see in Wilmington. When she isn’t hanging with her pup, Shadow Wolf, tending the garden or spinning vinyl, she’s attending concerts and live theater.

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