Bank of America to raise minimum wage to $23 in October

FILE - Bank of America announced the minimum hourly wage will climb to $23 starting in October.
Published: Sep. 20, 2023 at 11:16 AM CDT
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(Gray News) - Bank America will raise its minimum hourly wage to $23 in October, working toward a goal of raising the minimum hourly pay to $25 by 2025.

The company shared the news in a statement Wednesday.

The pay increase will increase the minimum salary to almost $48,000 for full-time employees.

“Providing a competitive minimum rate of pay is foundational,” Sheri Bronstein, the bank’s chief human resources officer, said in the statement.

By 2025, Bank of America’s minimum hourly wage will have increased by nearly $14 per hour, or more than 121%, since 2010.