Bank of America Raises Minimum Wage to $24
Bank of America has increased its minimum hourly wage to $24, moving towards a target of $25 by 2025. This change affects all full-time and part-time hourly employees in the U.S.
| Score | Value |
|---|---|
Scale | 6 |
Novelty | 5 |
Positivity | 6 |
Reliability | 8 |
Actionability | 5 |
Society | 7 |
Journalism | 3 |
Highlights
- Bank of America has raised its minimum hourly wage in the United States to $24, effective in October.
- The increase brings the bank closer to its goal of a $25 minimum hourly wage by 2025.
- The new minimum wage translates to a full-time annualized salary of approximately $50,000.
- This is the eighth wage increase for Bank of America in the last seven years, with the minimum wage having risen from $15 in 2017.
- The wage increase applies to all full-time and part-time hourly positions in the U.S.
Perspectives
- Bank of America's decision to raise its minimum wage is seen as a leadership move in the banking industry, potentially influencing other companies to follow suit in order to attract and retain talent. [4][7][8]
- While Bank of America raises wages for its hourly workers, there are concerns about the significant income disparity between these workers and higher-paid executives, highlighting ongoing issues within the financial industry. [6][8][9]