The minimum hourly salary at Bank of America is now $24 in the US, the company announced on Tuesday.
With this change, the bank is one step closer to its goal of having a $25 minimum hourly salary by 2025. The bank wants to be competitive in the employment market and attract and retain talent.
Over the past seven years, the second-largest U.S. lender has raised its minimum hourly wage by 60%, a huge rise. The minimum wage that the corporation paid was $23 per hour as of late.
Employers fighting for top talent in a tight labor market are raising compensation packages to draw in and keep qualified workers, keeping high achievers on staff.
The growing need for technological jobs—which are thought to be the main beneficiaries of the Al boom—presents a new challenge for the giants in finance.
Students are increasingly making judgments about their careers due to Al’s pull. In the United States, one in five 2024 graduates is more likely to choose employment that allows them to collaborate with generative AI, per a survey from the online hiring platform Handshake.
“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, the bank’s chief human resources officer.
According to the bank, the minimum annualized pay for full-time employees in the United States will now be $50,000, up from $48,000.
Bank of America had promised back in 2021 to increase the minimum hourly salary to $25 by 2025.
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