Bank of America will raise its minimum hourly salary for US employees to $22 from the end of June.
This act brings the bank one step closer to meeting its target of paying $25 per hour by 2025 and lifts the yearly wage for full-time staff to more than $45,000.
The bank has increased the starting hourly wage from $15 in 2017 to $21 in October 2021.
Sheri B Bronstein, Bank of America chief HR officer said: “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.”
She said: “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.”
The bank also stated last year that all of its US vendors will be obliged to pay their dedicated bank personnel at or above $15 per hour.
By 2025, the minimum hourly salary at Bank of America will have climbed to approximately $14 per hour, or more than 121 percent since 2010.
There are 11.5 million job opportunities in the United States as of the end of March.
In March, a record 4.5 million Americans, or almost 3 percent of the workforce, departed their jobs in pursuit of better salaries, working conditions, and hours.
Bank of America’s latest compensation rise comes as inflation approaches a four-decade high.
Source: Fox Business