Bank of America is increasing the pay of its lowest-paid employees to $22 per hour, or approximately $46,000 per year for full-time staff. The Charlotte, North Carolina-based company’s pay raise boosts the wages of a substantial chunk of its 174,000 U.S. employees, and comes after a series of compensation increases that began with the bank raising its hourly base to $15 in 2017, $17 in 2019, and $21 in 2021. BofA previously stated that by 2025, it intends to progressively boost its base salary to $25 per hour.
According to the Census Bureau, the median earnings of all U.S. employees aged 15 and up in 2020 was $41,535. According to the government, full-time workers’ median salary was $61,417 for men and $50,982 for women, with the poverty line set at $13,171 for one person in 2020.
Amalgamated Bank was the first bank in the US to pay interns, mail room employees, and tellers a minimum wage of $15 per hour in 2015. The Amalgamated Clothing Workers of America, which formed the bank in New York City over a century ago, will raise the rate to $20 in 2019.