Payments

Bank of America increases minimum wage to $24

Photo: Adobe Stock

September 16, 2024

Bank of America recently announced it increased its minimum wage to $24 hourly, with the plan to reach $25 by 2025. This applies to all part and full-time positions, according to a press release.

In 2017, the bank announced it would raise the minimum wage to $15 an hour for all employees and has continually increased it in the past seven years. Bank of America also offers 16-weeks of paid paternal leave, a sabbatical program and support for employees through its Life Event Services Team.

"Providing a competitive minimum wage is core to being a great place to work — and I am proud that Bank of America is leading by example," Sheri Bronstein, chief human resources officer, said in the release.