CHARLOTTE, N.C. — Bank of America will raise its starting pay for U.S. employees to $23 per hour in October, the company announced on Wednesday, Sept. 20.
The Charlotte-based banking institution had increased pay to $22 per hour last year. In 2017, its base pay was $15.
"Providing a competitive minimum rate of pay is foundational to being a great place to work," said Chief Human Resources Officer Sheri Bronstein in a statement.
The $23 per hour will leave the bank's full-time employees with a minimum salary of $48,000.
As of 2022, Bank of America reported having a total of about 217,000 employees. It said, by 2025, it plans to increase the minimum hourly pay to $25 per hour.
"By investing in a variety of benefits to attract and develop talented teammates, we are investing in the long-term success of our employees, customers and communities," Bronstein added in the statement.
The federal minimum wage is $7.25 per hour and North Carolina's minimum is the same.
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