Bank of America has raised its minimum wage to $24 an hour, bringing it one step closer to its goal of raising it to $25 an hour by 2025. Announced on tuesday.
The bank said the minimum annual salary for full-time workers will rise to nearly $50,000 in the United States for both part-time and full-time employees.
The bank has raised its minimum wage from $15 to $24 an hour over the past seven years, part of an effort to help attract and retain top talent in an increasingly competitive job market.
“Offering a competitive minimum wage is at the core of being a great place to work, and I'm proud that Bank of America is leading by example,” said Chief Human Resources Officer Sheri Bronstein.
Last year, the weighted average poverty line for a family of four was $30,900. data The U.S. Census Bureau announced the results on Tuesday.
Bank of America said The government announced in September last year that it would raise the minimum wage to $23, with further increases planned to reach $22 in May 2022 and $21 in 2021.
The bank announced in 2021 that it plans to raise the minimum wage to $25 by 2025.
The federal minimum wage is $7.25 an hour.
