(Bank of America) Bank of America has increased its minimum pay per hour to $22 from $21, effective at the end of June.
The bank says the latest increment sets it on course to reach a $25 minimum hourly wage by 2025.
The increase will see the annualized salary for the lender’s full-time staff rise to more than $45,000.
The lender’s chief human resources officer Sheri Bronstein says the bank’s focus is to be a great place for people to work. The efforts to hike pay have seen the bank recognized among the top 100 companies to work for by Fortune.
Bank of America hiked the minimum wage to $15 in 2017 before raising it again to $17 in 2019 and further to $20 in 2020. The rate was then raised to $21 in October last year.
BAC: NYSE is up +4.67%.
