Bank of America raising hourly pay for workers again, additional increase coming in 2025

Bank of America is raising its minimum hourly wage to $24 starting in October, the Charlotte-based banking giant announced Tuesday.

All full-time and part-time hourly positions in the U.S. will see changes to their pay, according to the bank.

This is part of a plan made a few years ago to increase the bank’s hourly wage to $25 by 2025. Its minimum salary for workers will be around $50,000 with the change.

Bank of America is making the increases to stay competitive in the workforce, according to Sheri Bronstein, chief human resources officer.

More than 19,000 people are employed by the bank in the Charlotte region, part of 213,000 workers across its company. As of June, it had $2.4 trillion in assets, and is the second-largest bank in the country.

Hourly wage

Last year, Bank of America increased the hourly pay rate to $23.

In the last seven years, Bank of America raised the minimum hourly wage from $15 in 2018 to $24 this year. Since 2017, the pay will have gone up by nearly $20,000 for full-time employees, according to the bank.

What are the other benefits?

Bank of America awards 97% of its employees beyond regular pay, according to the bank.

This was mostly common stock, which gives them a stake in the business. More than $4.8 billion has been awarded since 2017 when the program started.

Some of the other benefits include 16 weeks of paid parental leave, a sabbatical program to give employees an extended period away from work and professional development opportunities with The Academy at Bank of America .