United States-based Bank of America boosts entry-level earnings, setting minimum wage at $25 per hour
Bank of America Boosts Minimum Wage to $25 for U.S. Employees
In a significant move, Bank of America has announced an increase in the minimum wage for all its U.S. employees to $25 per hour, effective immediately. This decision follows a series of wage increases since 2017, totalling around $5.8 billion, according to the financial institution.
The wage increase will benefit thousands of employees across the United States, raising the annual salary for full-time workers to exceed $50,000. This marks a 4% rise from the last increase in 2024, and since 2017, the annual salary of full-time employees has increased by over $20,000.
Holly O'Neill, the Bank of America president of consumer banking, made the announcement. O'Neill stated that the strong and growing minimum wage at the bank enables team members to build a long-term career. This is achieved through continuous investment in skill development and an opportunity-based culture, as stated by the company.
Sheri Bronstein, Bank of America's human resources director, added that the competitive compensation helps drive economic growth and opportunities in the United States.
The wage increase is not the only initiative taken by Bank of America to support its employees. Since 2017, the bank has paid out bonuses to 97% of its employees. Some employees who started with the lowest compensation at Bank of America now hold leadership positions within the company.
Bank of America, with approximately 69 million individual and business clients in the United States, is one of the largest financial institutions in the world. The bank's commitment to its employees and the economy is evident in its continuous efforts to improve wages and working conditions.
With over 69 million clients and a workforce that is well-compensated and motivated, Bank of America is poised to continue its growth and success in the United States and beyond. The bank's minimum wage increase to $25 per hour serves as a 'springboard' for a long-term career, providing opportunities for employees to grow and develop within the company.
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