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Bank of America Is Raising Its Minimum Wage — Up 53% Since 2017. Here's What Full-Time Salaries Will Look Like. The North Carolina-based company said it's increased its minimum hourly rate at least five times in the past six years.

By Amanda Breen

Key Takeaways

  • Bank of America is raising its minimum hourly wage by $1 to $23 in October.
  • The company has increased its minimum by $8 — or 53% — since 2017.
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Bank of America is bumping up its minimum hourly pay.

The North Carolina-based company said Wednesday that its $22 minimum hourly rate, instated in May of last year, will increase by $1 to $23 beginning in October, Fox News reported.

Related: Bank of America Owes $250M Fine. Do You Qualify for Payment?

Bank of America currently boasts roughly 68 million consumers and small business clients worldwide; it has around 3,900 financial centers and 15,000 ATMs, according to Bankrate.

According to the bank, the $23 wage will bring full-time employees' minimum annualized salaries to almost $48,000. The company also said it's raised its minimum wages at least five times since 2017 — up $8, or 53%, in total once the latest increase goes into effect, per Fox.

The federal minimum wage for non-tipped workers is $7.25.

"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," chief human resource officer Sheri Bronstein told the outlet. "Our commitment to $25 by 2025 is how we share success with you and lead the way for other companies."

Related: Bank of America Beats Earnings, Renews Investor Upside Potential

Bank of America Corp is down 14% year over year.

Amanda Breen

Entrepreneur Staff

Senior Features Writer

Amanda Breen is a senior features writer at Entrepreneur.com. She is a graduate of Barnard College and received an MFA in writing at Columbia University, where she was a news fellow for the School of the Arts.

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