Bank of America raises minimum wage to $21 per hour; plans to raise it more

Hourly minimum wage workers at Bank of America will be paid $21 for each hour worked

Bank of America has raised its hourly minimum wage once more.

The multinational investment bank announced Wednesday that its minimum wage workforce will be paid $21 per hour in the U.S.

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The wage increase is a part of the financial institution’s publicized $25 by 2025 campaign and is a dollar more than the minimum hourly wage Bank of America set for its workers in 2020.

Bank of America began raising wages in 2017, which upped its minimum pay to $15 per hour. Two years later, the company raised its hourly minimum wage to $17.

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"Our company's focus on Responsible Growth requires that we provide a great place to work," said Bank of America’s Chief Human Resources Officer Sheri Bronstein, in a statement. 

"We make broad-ranging investments to attract and develop talented teammates who serve our clients and local communities every day, and who can build long, successful careers with our company," she added. "Today, we are taking another step forward, again increasing our minimum rate of pay for U.S. employees, demonstrating our commitment to sharing our success with teammates, and inspiring others to do the same."

Bank of America has raised its hourly minimum wage once more. The multinational investment bank announced Wednesday that its minimum wage workforce will be paid $21 per hour in the U.S. (iStock)

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Bank of America’s latest wage increase is nearly three times the federal minimum wage, which has been fixed at an hourly rate of $7.25 since 2009. 

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At the bank’s new set rate, a minimum wage worker could make roughly $43,680 per year if they worked full-time for a calendar year, not including tax withholdings and unpaid time off.

Bank of America plans to raise its hourly minimum wage to $25 by 2025. (iStock)

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Up-to-date salary data collected by the U.S. Bureau of Labor Statistics states the median annual pay for bank tellers is $32,620 while the median annual pay for customer service representatives is $35,830 and the median annual pay for janitors and building cleaners is $29,080.