(NewsNation) — Bank of America announced Thursday it is raising the minimum wages for U.S. hourly employees to $25, effective in early October.
The change will raise the minimum annual salary for full-time employees to more than
$50,000 and applies to all full-time and part-time hourly positions nationwide.
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“Our strong and rising minimum starting salary provides opportunities for our teammates to build a long-term career at Bank of America,” said Sheri Bronstein, the bank’s chief people officer. “Competitive compensation is one of the many ways we are helping to drive American economic growth and opportunity.”
Bank of America said the move was made to help “fuel the growth of the American economy and create job opportunities that strengthen the communities the company serves.”
The bank noted that it has steadily raised its minimum wage in recent years, from under $15 per hour in 2017 to the new $25 rate, a more than $20,000 increase in annual starting pay.
