Bank of America Boosts Minimum Wage to $25 For All Hourly Full-Time Employees

Starting in October, Bank of America will lift its base pay to $25 per hour. This means U.S. staff working full-time will earn at least $50,000 yearly. The change affects all hourly staff nationwide.

The bank started boosting wages in 2018 at $15 hourly. Through steady increases, starting pay has shot up $20,000 since 2017. Short shifts mix with long stretches as workers adapt to new schedules.

"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 at Bank of America, according to Bank of America Newsroom.

The Charlotte-based bank counts 213,000 staff worldwide. Their local presence includes 19,000 workers in Charlotte. With $2.6 trillion in assets, they rank second among U.S. banks.

Most staff, 97%, get extra pay through common stock awards. Since 2017, these stock awards total $5.8 billion. Workers see their wealth grow as markets shift.

Fresh plans target new talent pools. They'll add 10,000 veterans and 8,000 community college graduates within five years. Growth markets will see 700 new spots at financial centers. Staff numbers swell as branches expand.

Parents get 26 weeks of leave time, 16 with full pay. Staff earn breaks lasting 4-6 weeks based on their time served. The bank helps with child costs, gives free health checks, and trains workers through their academy. Benefits stack up as time passes.

This pay boost hits during tough job times. Studies show smaller paychecks have grown the slowest since 2016. Yet some sectors thrive while others struggle.

Top lists keep picking the bank for good work practices. LinkedIn ranks them high. Fortune's best workplaces list has picked them seven years straight. People Magazine counts them among companies that put staff first.