Bank of America ups minimum wage for a second time in less than a year

Charlotte Business Journal
·1 min read
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Bank of America Corp. is raising its minimum wage to $22 per hour in June.

[ALSO READ: Bank of America once again raises its minimum wage]

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.

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