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Bank of America raises minimum wage again

Published: Oct. 7, 2021 at 6:25 AM EDT
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CHARLOTTE, N.C. (WBTV) - Bank of America is raising its base pay for workers again, taking a big step forward in creating a meaningful minimum wage for one of the area’s largest employers.

Bank officials announced Wednesday the base pay is being raised to $21 an hour, nearly three times the federal minimum wage.

Leaders had previously announced a plan to get their minimum wage to $25 per hour by the year 2025.

“Our company’s focus on Responsible Growth requires that we provide a great place to work,” said Sheri Bronstein, chief human resources officer at Bank of America, in a statement. “We make broad-ranging investments to attract and develop talented teammates who serve our clients and local communities every day, and who can build long, successful careers with our company. Today, we are taking another step forward, again increasing our minimum rate of pay for U.S. employees, demonstrating our commitment to sharing our success with teammates, and inspiring others to do the same.”

In the last four years, Bank of America raised the minimum hourly wage to $15 in 2017; in 2019 it rose to $17 and in 2020, to $20, a press release stated.

Related: Bank of America is raising its minimum wage for workers sooner than expected

According to a living wage calculator put together by a professor from the Massachusetts Institute of Technology, this new wage surpasses the hourly rate that someone would need to support themselves.

Doing the math, workers will make at least $43,000 a year now. Bank of America employs 16,000 people in Charlotte alone.

Bank of America will also require any of its vendors doing bank business in the U.S. to pay their employees at least $15 an hour.

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