Bank of America is bumping up its minimum hourly pay.
The North Carolina-based company said Wednesday that its $22 minimum hourly rate, instated in May of last year, will increase by $1 to $23 beginning in October, Fox News reported.
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Bank of America currently boasts roughly 68 million consumers and small business clients worldwide; it has around 3,900 financial centers and 15,000 ATMs, according to Bankrate.
According to the bank, the $23 wage will bring full-time employees’ minimum annualized salaries to almost $48,000. The company also said it’s raised its minimum wages at least five times since 2017 — up $8, or 53%, in total once the latest increase goes into effect, per Fox.
The federal minimum wage for non-tipped workers is $7.25.
“By investing in a variety of benefits to attract and develop talented teammates, we are investing in the long-term success of our employees, customers and communities,” chief human resource officer Sheri Bronstein told the outlet. “Our commitment to $25 by 2025 is how we share success with you and lead the way for other companies.”
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Bank of America Corp is down 14% year over year.
