Listen to this articleBank of America announced it has delivered on a pledge to raise its minimum wage to $25 by 2025.
The Charlotte, N.C.-based financial institution has steadily increased its minimum wage over the last few years – from under $15 per hour to this $25 threshold. The latest increase, announced Sept. 17, goes into effect in early October.
It applies to all full-time and part-time hourly positions across the country, including here in New Jersey. According to BofA, it has nearly 11,000 employees and operates 180 financial centers in the Garden State.
With the increase, the minimum annualized salary for full-time U.S. employees will rise to more than $50,000. Since 2017, with the increase, the starting salary for full-time U.S. employees will have gone up by more than $20,000.
“Our strong and rising minimum starting salary provides opportunities for our teammates to build a long-term career at Bank of America,” said Sheri Bronstein, chief people officer, Bank of America. “Competitive compensation is one of the many ways we are helping to drive American economic growth and opportunity.”
The company also notes its industry-leading benefits and employee programs, such as its award-winning onboarding, education and professional development organization (The Academy); tuition assistance; career mobility and more.
Pointing to its ongoing investment in skills-based training and a culture rooted in opportunity, Bank of America says many employees who started at a minimum wage salary have risen to roles where they lead and mentor.
