Bank of America to raise minimum wage for workers to $22 per hour; higher by 2025

Bank of America announced Monday (May 23) it would accelerate its previously announced plan to raise the minimum wage for its workers to $22 per hour. The bank behemoth also said it planned to immediately increase its minimum wage to $25 per hour by 2025.

Bank of America announced it has accelerated its U.S. minimum hourly wage to $22 as a next step in the company’s plans to increase to $25 by 2025.

“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,” she added.

With the increase to $22 per hour, annualized salaries for BoA workers will be more than $45,000.

Last year, the company also announced that all of its U.S. vendors are required to pay their employees dedicated to the bank, at or above $15 per hour.

In the last five years, Bank of America raised the minimum hourly wage to $15 in 2017 to $21 in October 2021.

Bank of America has locations in central, Northwest, Northeast and south Arkansas.