Bank of America, completing a wage-scale commitment it announced nearly a decade ago, said Wednesday morning that it will raise the hourly minimum wage to $25 an hour in October for all full-time and part-time hourly positions in the U.S.
Bank of America employs nearly 11,000 individuals in New Jersey and operates 180 financial centers in the state.
By meeting a goal it made in 2017 — to reach $25 an hour by 2025 — the minimum annualized salary for full-time employees in the U.S. will rise to more than $50,000. The increase applies to all full-time and part-time hourly positions in the U.S.
“Our strong and rising minimum starting salary provides opportunities for our teammates to build a long-term career at Bank of America,” Sheri Bronstein, chief people officer, Bank of America said. “Competitive compensation is one of the many ways we are helping to drive American economic growth and opportunity.”
Ensuring workers have a livable minimum wage has been a national effort by many companies and states for some time.
In 2019, the New Jersey legislature, with support of Gov. Phil Murphy, started a path to reach $15 an hour by 2024 — nearly double the $8.33 minimum wage of the state in 2018.
New Jersey’s current minimum wage of $15.13 is expected to increase to approximately $16 in 2025.
Bank of America has moved more aggressively.
The company, in a concerted effort tied to the well-being of its employees, has been increasing pay for some time — using a series of increases to raise its minimum wage from $15 in 2017 to $20 in 2020.
By doing so, Bank of America has shown it is possible to pay employees more without sacrificing corporate financial goals.
Bank of America noted other steps it is taking.
Bank of America also offers industry-leading benefits and employee programs for all. Additional benefits include, but are not limited to:
- An award-winning onboarding, education and professional development organization, The Academy
- 26 weeks of parental leave; 16 are fully paid
- An industry-leading sabbatical program, offering 4-6 weeks of paid time off based on tenure
- Back up child and adult care program, as well as for eligible teammates, a reimbursement program for childcare expenses
- U.S. health plans include no-cost wellness visits, preventative medications, virtual care and onsite screenings
- Personalized support for employees and their families navigating critical life events through our Life Event Services teamBy investing in skills training and fostering a culture of opportunity, Bank of America helps many employees who start at minimum wage grow into leadership roles where they can mentor others, support their families, and contribute to their communities.
