Bank of America Increases Minimum Wage to $24 an Hour

The raise, effective October 2024, aims to attract and retain talent as the bank targets a $25 minimum wage by 2025.

Bank of America raised its U.S. minimum wage to $24 per hour, effective October 2024.
The new wage applies to all full-time and part-time hourly positions, increasing annualized salaries to nearly $50,000.
This move is part of a plan to reach a $25 minimum wage by 2025, having started from $15 in 2017.
Benefits include paid parental leave, a sabbatical program, and professional development opportunities.
The U.S. Bureau of Labor Statistics projects a 15% decline in bank teller employment from 2023 to 2033.