Bank of America increases its minimum wage to $24 per hour in U.S Locations
Bank of America (BofA), the U.S.’s second largest lender, has announced a raise of its minimum wage in the country to US$24 per hour on September 10, 2024, representing a US$1 increase from September 2023.
The change applies to thousands of full and part time employees and will raise the full-time annualized salary in the U.S. to about US$50,000.
The U.S. federal minimum wage stands at 7.25, making BofA’s lowest earning wage three times the federal wage.
Additional Information:
- BofA began increasing its minimum wage in 2017 when it was US$15, raising the minimum annual salary by over US$20,000 since then.
- The bank aims to raise its minimum wage to US$25 per hour by 2025.
- Awards, generally in the form of BofA restricted common stock, have also been awarded to 97% of the bank’s employees since 2017, reaching up to US$4.8 billion in worth.
- Other benefits offered by BofA include a paid parental leave of 16 weeks, a sabbatical program, and personalized support.
- Over 30 U.S. states have now enforced minimum wages higher than the federal minimum, as per Department of Labor data on state minimum wage.
Related Content:
California’s New Fast Food Minimum Wage Takes Effect: $20 for Workers
New York State Raises Minimum Wage and Revises Salary Criteria for Exemptions in 2024
Massachusetts Minimum Wage Stays at $15 in 2024 with No Increase in Sight
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