Bank of America U.S. Minimum Hourly Wage Reaches $20
One year ago, Bank of America announced it would raise its U.S. minimum hourly wage to $20 over a two-year period. The first increment to $17 was made in May 2019; six months later, the company announced it would accelerate the move to $20; and in March this year, Bank of America made this change.
“Investing in our teammates by paying fairly, and providing competitive benefits and programs is key to our commitment to being a great place to work,” said Sheri Bronstein, chief human resources officer at Bank of America. “Across the company, Bank of America believe that being a great place to work is core to our ability to grow sustainably, as Bank of America continue to drive responsible growth.”
Bank of America’s increase to paying $20 per hour builds on the company’s history of being an industry leader in establishing an internal minimum rate of pay for its U.S. hourly employees. Since 2010, the company’s minimum hourly wage has increased by more than 77% (nearly $9 per hour) – three years ago, Bank of America raised it to $15; in 2019, it rose to $17; and today, it is $20.
Bank of America’s pay-for-performance philosophy reinforces the company’s core values and culture by inspiring employees to do great work, encouraging and retaining talent, and building trust within teams. Its efforts have been recognized by a number of external organizations including LinkedIn, Catalyst and Fortune, most recently as the only financial services company included in Fortune’s “Best Big Companies to Work For” list for the second consecutive year.