Bank of America raises minimum hourly wage to $22

Bank of America said it is raising its minimum hourly wage to $22 an hour in 2022.
Bank of America said it is raising its minimum hourly wage to $22 an hour in 2022.(Mike Mozart / CC BY 2.0)
Published: May. 24, 2022 at 5:59 PM PDT
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(Gray News) – Employees with Bank of America will soon be taking home at least $22 an hour as part of the company’s plans to increase its minimum hourly wage to $25 by 2025.

The bank’s hourly raise will increase the annual salary for full-time employees to more than $45,000, it said in a press release.

Bank of America first raised its minimum wage to $15 an hour in 2017. In 2019, the company said it rose to $17, followed by $20 in 2020 and then to $21 in October of last year.

Sheri Bronstein, chief human resources officer at Bank of America, said the company’s aim is to be a great place to work for its employees.

“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,” she said in the release.

Bank of America has been recognized as the 8th best company in the U.S. by LinkedIn and the 29th on Fortune’s list of 100 best companies to work for.

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