Bank of America (BAC) announced on Tuesday that it is increasing its minimum wage to $24 per hour for its U.S. employees. This adjustment also applies to salaried positions, resulting in an approximate annual salary of $50,000 for full-time employees.
The wage increase is part of the bank’s ongoing commitment to raising its minimum pay rate, with a target of reaching $25 per hour by 2025. Since 2017, Bank of America has steadily increased its minimum wage from $15 per hour.
Sheri Bronstein, Bank of America’s Chief Human Resources Officer, emphasized the importance of competitive wages, stating, “Providing a competitive minimum wage is core to being a great place to work.”
The wage hike is expected to aid in the retention of tellers, a position facing a projected 15% decline in employment from 2023 to 2033, according to the U.S. Bureau of Labor Statistics.
Following the announcement, Bank of America’s shares saw a slight decrease of 0.3% on Tuesday afternoon but remain approximately 16% higher year-to-date.
