Bank of America ups minimum hourly pay to $24

Published On Sep 10, 2024, 6:34 AM

Bank of America has increased its minimum hourly pay to $24, a $1 raise for both full- and part-time employees in the U.S. This new rate is part of the bank's ongoing initiative to reach a minimum wage of $25 per hour by 2025. Since 2017, the bank's minimum pay has increased by $9, effectively raising the starting annual salary for full-time workers to nearly $50,000. This initiative aims to attract top talent and improve employee satisfaction, according to the bank's Chief Human Resources Officer.

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The increase in minimum wage can lead to higher employee satisfaction and retention. Additionally, as Bank of America continues to invest in its workforce, it may improve client service and overall business performance, which could enhance revenue and profitability.

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