New York, Sep 17 (EFE).- Bank of America announced on Wednesday that it would raise its minimum hourly wage to 25 dollars for its part-time and full-time employees in the United States, a 4% increase or 1 dollar more than what has been paid since the last increase in 2024, the company announced in a statement.
“Competitive compensation is one of the many ways we are helping to drive American economic growth and opportunity,” Sheri Bronstein, the financial institution’s chief people officer, told EFE.
In addition, the executive added that the bank’s “strong and rising” minimum wage makes it possible for its workers to “build a long-term career” at the company.
According to Bank of America, joining the company at the minimum wage is a “launchpad” for a long-term career, as has been the case with some of its employees who started at the lowest pay grade and now hold leadership positions.
This, as explained in the statement, is achieved through “ongoing investment” in skills-based training and a culture based on opportunity.
With the increase, which will take effect in early October, the minimum annual salary for full-time workers at the US bank will rise to more than 50,000 dollars, the bank said.
The new rate, which will benefit thousands of employees across the United States, represents an increase of more than 20,000 dollars since 2017 in the annual salary of those who work full-time.
In turn, the bank detailed that 97% of its employees have also received awards beyond regular compensation, or nearly 5.8 billion dollars paid out since 2017.
Bank of America is one of the world’s largest financial institutions, with approximately 69 million consumer and small business customers in the United States. EFE
Agencia EFE received support from Bank of America for the dissemination of this content