Nation's second-largest bank has said it plans to boost the company's baseline hourly pay to $25 by 2025.
Bank of America is giving its lowest-paid employees a bump in wages to $22 an hour, equivalent to nearly $46,000 a year for full-time workers.
The Charlotte, North Carolina-based company's pay increase bolsters the earnings of a large portion of its 174,000 U.S. employees, and follows wage hikes that started with the bank increasing its hourly base to $15 in 2017, $17 in 2019 and then. BofA previously announced that it plans to gradually raise its base pay to $25 per hour by 2025., according to the Census Bureau.
BofA's move comes amid a tight labor market, an ongoing trend has spurred large companies to boost pay in order to attract employees, and surging inflation. "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," Sheri Bronstein, chief human resources officer at the nation's second-largest bank, said in a statement.
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