12th April 2019

Bank of America to raise its minimum wage to $20 per hour

Bank of America has announced it will raise its minimum wage to $20 per hour over a two-year period. The increase will occur in increments. On 1st May, 2019, the minimum hourly wage will increase to $17, and will continue to rise until it reaches $20 in 2021. This is part of the company’s commitment to being a great place to work and delivering sustainable, responsible growth through competitive benefits and programmes that support the diverse needs of its 205,000+ employees.

Sheri Bronstein, chief human resources officer, said: “We are raising our minimum wage because we believe that to best serve our customers and clients, we need the best teams. Saying thank you, celebrating great work, and sharing our success further demonstrate our commitment to being a great place to work.”

Bank of America is committed to supporting a competitive minimum rate of pay. The company has been an industry leader in establishing an internal minimum rate of pay for its US hourly employees and has made regular increases over many years. Since 2010, Bank of America’s minimum wage has increased by more than $4 per hour – two years ago, the company raised it to $15 per hour, and the minimum wage is higher today. The average rate for all US hourly employees is significantly above this level.