x
Breaking News
More () »

Bank of America raises hourly minimum wage for workers to $24

The wage increase will go into effect in October and impact all employees nationwide.
Credit: Stillfx - stock.adobe.com
Closeup of assorted American banknotes

CHARLOTTE, N.C. — Bank of America announced Tuesday it's raising its minimum wage for hourly employees starting in October.

The new hourly rate will be $24 an hour while the current rate is $23 an hour, which marks a significant jump from around six years ago when it was around $15 an hour.

The new hourly rate moves the company closer to its goal of a $25 minimum wage by 2025.

“Providing a competitive minimum wage is core to being a great place to work -- and I am proud that Bank of America is leading by example,” said Sheri Bronstein, chief human resources officer.

The bank says the minimum annualized salary for full-time employees in the U.S. will rise to nearly $50,000 under the pay increase, and starting salaries will have increased by roughly $20,000 since the company began increasing pay in 2017.

According to the United States Bureau of Labor Statistics, the median wage for bank tellers is around $18.10 an hour. 

The Bureau of Labor Statistics also says that despite a 15% projected decline in employment of tellers over the next decade, roughly 27,000 teller positions will need to be filled each year as current ones leave the workforce or change jobs.

WATCH MORE ON ABC10: Stockton woman was attacked and robbed in broad daylight while walking to an ATM

Before You Leave, Check This Out