Bank of America to Raise Minimum Hourly Wage to $23 as Part of Ongoing Plan

ST. LOUIS — Bank of America Corp. (NYSE: BAC) is set to implement an increase in its minimum hourly wage to $23, scheduled for this fall. This adjustment represents a continued commitment to achieving a minimum wage of $25 per hour by 2025, a plan first unveiled over two years ago by CEO Brian Moynihan. Notably, this goal builds upon the bank's earlier pledge, declared in April 2019, to reach a minimum wage of $20 per hour by 2021, a milestone it successfully reached ahead of schedule in March 2020.

The forthcoming wage hike, slated to take effect in October, will result in a minimum annual salary of nearly $48,000 for full-time employees, up from approximately $45,000 a year earlier.

While Bank of America has not disclosed the precise number of employees affected by this wage increase, the adjustment is expected to impact approximately 9% of hourly employees in the United States and 3.7% of the bank's total U.S. workforce, as reported by the Triad Business Journal.