|BAC||BANK OF AMERICA CORP.||32.32||+0.24||+0.75%|
The move, which brings the bank a step closer to fulfilling its pledge of paying $25 per hour by 2025, will increase the annualized salary for full-time Bank of America employees to more than $45,000.
Bank of America raised the minimum hourly wage to $15 in 2017, $17 in 2019, $20 in 2020 and $21 in October 2021. Last year, the company also announced that all of its U.S. vendors would be required to pay their employees dedicated to the bank at or above $15 per hour.
By 2025, Bank of America's minimum hourly wage will have increased by nearly $14 per hour — or more than 121% — since 2010.
As of the end of March, there are 11.5 million job openings in the United States. A record 4.5 million Americans, or about 3% of the workforce, quit their jobs in March in search of better wages, working conditions and hours.
"Our focus on being a great place to work is core to everything we do and underscores the role our teammates play in our success," Bank of America chief human resources officer Sheri Bronstein said in a statement. "We continue to invest in our teammates and their priorities through competitive pay; industry-leading benefits and resources for physical, emotional and financial wellbeing; long-term career development tools and programs; and in our diversity, equity and inclusion efforts across the company, so that we continue to attract and retain the best talent."
Bank of America's latest wage increase comes as inflation is running near a 40-year-high. The consumer price index, a broad measure of the price for everyday goods including gasoline, groceries and rents, rose 8.3% in April from a year ago. On a monthly basis, average hourly earnings dropped 0.1% in March, when accounting for the inflation spike. On an annual basis, real earnings dropped 2.6% in April.
Fox Business' Megan Henney contributed to this report