CHARLOTTE (dpa-AFX) - Bank of America (BAC) announced Monday it has raised its U.S. minimum hourly wage to $22 as a next step in the company's plans to increase to $25 by 2025.
This builds on the company's history of being a national leader in establishing a minimum rate of pay for its U.S. hourly employees.
In the last five years, Bank of America raised the minimum hourly wage to $15 in 2017, in 2019 it rose to $17, in 2020, to $20 and in October 2021 to $21. The company's increase to paying $22 per hour, effective end of June, will increase annualized salary for full-time employees to more than $45,000.
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