Key Takeaways
- Bank of America increased its U.S. minimum wage to $24 per hour.
- The bank has gradually increased its minimum pay since 2017, and plans to reach $25 by 2025.
- The U.S. Bureau of Labor Statistics expects bank teller employment to decline over the next several years.
Bank of America (BAC) has raised its minimum wage to $24 an hour in the U.S., they announced Tuesday.
The increase also applies to salaried positions, bringing the minimum annualized salary for the bank’s full-time U.S. employees to nearly $50,000.
Latest Increase Toward Goal of $25 per Hour by 2025
“Providing a competitive minimum wage is core to being a great place to work,” said Sheri Bronstein, Bank of America’s chief human resources officer.
This is the latest incremental increase in the company’s plan to reach a minimum wage of $25 an hour by 2025. Bank of America has gradually raised its minimum wage from $15 in 2017.
The pay raise may help the bank retain tellers, although the U.S. Bureau of Labor Statistics projects that the employment of tellers will decline by 15% from 2023 to 2033.
Shares of Bank of America were off 0.3% Tuesday afternoon, but they’re about 16% higher for the year so far.