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Bank of America to raise minimum wage to $23 an hour in October

Published 09/20/2023, 11:07 AM
Updated 09/20/2023, 11:11 AM
© Reuters. A signage is seen at the Bank of America Tower in Manhattan, New York City, New York, U.S., November 2, 2022. REUTERS/Andrew Kelly
BAC
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By Lananh Nguyen

NEW YORK (Reuters) - Bank of America will boost its minimum hourly wage to $23 in October as it heads toward a goal of raising hourly pay to $25 by 2025, the company said in a statement Wednesday.

The pay bump translates to a minimum salary of almost $48,000 a year for full-time employees, according to the second largest U.S. lender.

© Reuters. A signage is seen at the Bank of America Tower in Manhattan, New York City, New York, U.S., November 2, 2022. REUTERS/Andrew Kelly

BofA has increased pay several times in recent years, starting with a move to $15 an hour in 2017.

"Providing a competitive minimum rate of pay is foundational," Sheri Bronstein, the bank's chief human resources officer said in the statement.

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