*Starting in October 2025, Bank of America will increase its minimum hourly wage to $25 for all full-time and part-time hourly employees in the U.S., The Charlotte Observer reports.
The wage hike marks the culmination of a long-term plan to boost starting salaries. “Competitive compensation is one of the many ways we are helping to drive American economic growth and opportunity,” said Sheri Bronstein, chief human resources officer.
Since 2017, the bank has raised its starting hourly wage by $10, resulting in an annual salary exceeding $50,000 for full-time hourly workers. The initiative began in 2018 with a $15 minimum wage, followed by annual increases to remain competitive.
In addition to wage enhancements, Bank of America plans to hire 10,000 employees with military backgrounds over the next five years, building on its record of recruiting more than 20,000 veterans since 2015. The company also aims to double its community college hiring goal to 8,000 and create 700 new financial center positions to support the opening of 26 new centers over the next 18 months.
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In addition to competitive wages, Bank of America provides a robust suite of employee benefits. Since 2017, the company has distributed almost $5.8 billion in restricted common stock to 97% of its workforce. Employees also have access to benefits such as 16 weeks of paid parental leave, paid sabbaticals lasting four to six weeks, support programs for child and adult care, and career development resources offered through The Academy at Bank of America.
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