Bank of America to raise hourly wage to $23

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Bank of America to raise hourly wage to $23

By Ross Henry Law

21/09/2023

Bank of America (BoA) has announced plans to increase the minimum wage it offers to workers to $23 per hour from October.

By 2025, the bank said by its minimum hourly wage will increase to $25 per hour, demarcating a nearly $14 per hour wage hike since 2010.

BoA said the move builds on its history of being a national leader in establishing a minimum rate of pay for US hourly employees, noting that within the last six years it raised the minimum hourly wage to $15 in 2017; $17 in 2019; $20 in 2020; $21 in 2021; and to $22 in May 2022.

“Providing a competitive minimum rate of pay is foundational to being a great place to work,” said Sheri Bronstein, chief human resources officer at Bank of America. “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.”

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