Bank of America will boost its minimum hourly wage to $23 next month, in its latest step toward paying its lowest-earning employees $25 per hour by 2025, the company announced Wednesday.
The Charlotte, North Carolina-based lender has bumped up its minimum wage at fairly regular intervals since 2017, when it paid $15 per hour. The last increase, to $22 per hour, was announced in May 2022.
“Providing a competitive minimum rate of pay is foundational to being a great place to work,” Sheri Bronstein, the bank’s chief human resources officer, said in a statement.
