Yearly Minimum Rate of Pay For Full-Time Employees Will
Increase To More Than $45,000
CHARLOTTE, N.C., May 23, 2022
/PRNewswire/ -- Today, Bank of America announced it 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.
This builds on the company's history of being a national leader
in establishing a minimum rate of pay for its U.S. hourly
employees. 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's efforts have been recognized by a number of
external organizations including LinkedIn's "Top Companies in the
U.S." and Fortune's "100 Best Companies to Work For" list for four
consecutive years.
This press release is also available in
Spanish, Chinese, Korean, Vietnamese,
and Japanese.
Bank of America Environmental, Social and Governance
At Bank of America (NYSE: BAC), we're guided by a common purpose
to help make financial lives better, through the power of every
connection. We're delivering on this through responsible growth
with a focus on our environmental, social and governance (ESG)
leadership. ESG is embedded across our eight lines of business and
reflects how we help fuel the global economy, build trust and
credibility, and represent a company that people want to work for,
invest in and do business with. It's demonstrated in the inclusive
and supportive workplace we create for our employees, the
responsible products and services we offer our clients, and the
impact we make around the world in helping local economies thrive.
An important part of this work is forming strong partnerships with
nonprofits and advocacy groups, such as community, consumer and
environmental organizations, to bring together our collective
networks and expertise to achieve greater impact. Learn more at
about.bankofamerica.com, and connect with us on Twitter
(@BofA_News).
For more Bank of America news, including dividend announcements
and other important information, visit the Bank of America newsroom
and register for news email alerts.
www.bankofamerica.com
Reporters may contact:
Eliza Murphy, Bank of America
Phone: 1.347.603.6845
eliza.murphy@bofa.com
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SOURCE Bank of America Corporation