Bank of America has raised its U.S. minimum hourly wage to $22 as a next step in the company’s plans to increase to $25 by 2025.
In the last five years, Bank of America raised the minimum hourly wage to $15 in 2017; in 2019 it rose to $17; in 2020, to $20 — and in October 2021, to $21. The company’s increase to paying $22 per hour, effective end of June, will increase annualized salary for full-time employees to more than $45,000.
“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.”
Bank of America has 19 financial centers and over 290 employees across Arkansas, including five affiliated Merrill Lynch offices in Little Rock, Fort Smith, Hot Springs, Jonesboro and Rogers.