ST. LOUIS — Bank of America Corp. (NYSE: BAC) will boost its minimum hourly wage to $23 this fall. It marks another step in the company's ongoing plan to reach a minimum wage of $25 per hour by 2025.
That initiative was announced more than two years ago by CEO Brian Moynihan. It followed the Charlotte, North Carolina-based bank's pledge in April 2019 for a minimum wage of $20 per hour by 2021, meeting that target earlier than expected in March 2020.
BofA said Wednesday that the hike, which will take effect in October, will increase the minimum salary of full-time employees to nearly $48,000 a year — up from about $45,000 a year ago.
The bank declined to share a specific count of employees who will be affected by the increase, but said it would impact 9% of hourly U.S. employees and 3.7% of all U.S. employees, the Triad Business Journal reported.
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