Bank of America raising minimum wage to $23 an hour in October

The company has been raising its minimum hourly wage over the last six years.
It's part of the company's path to $25 by 2025.
Published: Sep. 20, 2023 at 11:58 AM EDT|Updated: Sep. 20, 2023 at 12:23 PM EDT
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CHARLOTTE, N.C. (WBTV) – Bank of America is again increasing its U.S. minimum hourly wage for employees.

The Charlotte-based company will move to $23 in October as part of its path to $25 by 2025, Bank of America announced on Wednesday.

This will increase the minimum annualized salary for full-time employees to nearly $48,000, according to information from the company. In the last six years, Bank of America raised the minimum hourly wage to:

  • $15 in 2017
  • $17 in 2019
  • $20 in 2020
  • $21 in 2021
  • $22 in 2022

“Providing a competitive minimum rate of pay is foundational to being a great place to work,” Sheri Bronstein, chief human resources officer at Bank of America, said in a statement. “By investing in a variety of benefits to attract and develop talented teammates, we are investing in the long-term success of our employees, customers and communities. Our commitment to $25 by 2025 is how we share success with you and lead the way for other companies.”

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