CHARLOTTE (dpa-AFX) - Bank of America Corp. (BAC) announced Wednesday it has raised its U.S. minimum hourly wage to $25 per hour. With the increase, the minimum annualized salary for full-time employees in the U.S. will rise to more than $50,000.
The increase, which goes into effect in early October, applies to all full-time and part-time hourly positions in the U.S., affecting thousands of employees across the nation.
The move will help fuel growth of the American economy and create job opportunities that strengthen the communities the company serves.
As a further investment in the team, 97% of Bank of America employees have received awards beyond regular compensation, mostly in the form of Bank of America restricted common stock. Nearly $5.8 billion has been awarded since the program's inception in 2017.
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