Bank of America raises minimum wage to $22

Full-time employees may see annual salaries of $45k

Bank of America announced that it has increased its minimum hourly wage to $22, effective late June, as a first step in the company’s plans to increase to $25 by 2025. This increase will boost full-time employers’ annual salaries to $45,000.

In the past few years, the Bank focused their efforts on raising the minimum hourly wage, starting with $15 in 2017, $17 in 2019, $20 in 2020 and $21 in October 2021.

“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,” said Sheri Bronstein, chief human resources officer at Bank of America. “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’s efforts have been recognized by organizations including LinkedIn’s “Top Companies in the U.S.” and Fortune’s “100 Best Companies to Work For” list for four consecutive years.