Bank of America is hiking its base pay starting next month and plans to further lift the company's minimum wage in 2025.
Bank of America is closing in on its objective of paying its U.S. workers a minimum of $25 an hour by 2025, increasing its base wage to within a buck of that goal starting in October. The step represents an increase from a $23 hourly rate set last September, the Charlotte, North Carolina-based bank said Tuesday. The $1 hourly boost, which will apply to all full- and part-time hourly jobs in the U.S., brings a full-time annualized salary to roughly $50,000.
'The poverty threshold for a family of four in 2023 was $30,900, according to data released Tuesday by the Census Bureau. BofA, the nation's second-largest bank, embarked on increasing its hourly base seven years ago, lifting compensation for its lowest-paid workers to $15. The company's minimum wage has more than doubled since 2010, when it stood at $11.30 per hour.
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