Bank of America has raised wages for its US hourly workers to $24.
The new rates, announced by the North Carolina-based bank on Tuesday, represent a $1 hourly pay increase for all full-time and part-time hourly Bank of America employees in the U.S.
The minimum hourly wage for these jobs has been $23 since October last year.
“We’ve found that paying competitive wages and offering great benefits attracts the best talent, and with the best talent, they can do the best work for our customers, clients and communities,” said Chief Human Resources Officer Sheri Bronstein. “But we’re not just focused on attracting talent. We want to be a great place to work in every way.”
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The wage increase is tied to Bank of America’s multi-year commitment to achieve a $25 hourly minimum wage by 2025.
The company first announced it would pursue this goal about three years ago.
The bank said at the time that the initiative “builds on the company’s history as an industry leader in setting minimum wages for hourly employees in the United States.”
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Bank of America announced Tuesday that it is raising the minimum wage for hourly workers in the U.S. by $9 for the first time in nearly seven years.
The bank said that thanks to the new $24 rate, starting pay for full-time hourly employees in the U.S. “will increase by nearly $20,000 since 2017.” The minimum annual salary will be almost $50,000, according to Bank of America.
As of the end of June, the company had a total of 212,000 employees across its various divisions.
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The bank has total assets of $3.3 trillion and serves clients in the United States and more than 35 countries.