Bank of America Corp. is raising its minimum wage to $22 per hour in June, according to a report by the Charlotte Business Journal.
The wage hike is part of Charlotte-based BofA’s plan to increase the minimum wage to $25 per hour by 2025, a goal CEO Brian Moynihan announced about a year ago. BofA said the hike will increase annualized salary for full-time employees to more than $45,000.
A company spokesperson said this latest change will affect tens of thousands, or about 15%, of employees. The bank declined to share an investment cost.
As of 2025, BofA will have raised its minimum wage by nearly $14 per hour since 2010.
“We continue to invest in our teammates and their priorities through competitive pay; industry-leading benefits and resources for physical, emotional and financial wellbeing; long-term career development tools and programs; and in our diversity, equity and inclusion efforts across the company, so that we continue to attract and retain the best talent,” Sheri Bronstein, chief human resources officer, said in a news release.
BofA last hiked its minimum wage in October to $21 per hour, following an increase to $20 per hour in 2020. It hiked the minimum wage to $17 per hour in 2019, after setting it at $15 per hour in 2017.
The bank has positioned itself at the forefront in minimum wage among its peers. It is also requiring U.S. vendors to pay employees at least $15 per hour if their work is dedicated to the bank. The latest change comes as inflation rates climb to their highest points in decades.
BofA is Charlotte’s largest bank by deposits with about 60% market share. It employs roughly 16,000 people here.
