Bank of America raises employee minimum wage to $24 per hour

By Steve Gelsi

Lowest-paid workers to get paid about $50,000 a year

Bank of America Corp. said Tuesday it's raising its U.S. minimum wage by $1 to $24 per hour, or nearly $50,000 per year, for all full-time and part-time workers.

The banking giant (BAC) said it remains on track to pay $25 an hour by 2025 - a significant bump from the $15-per-hour minimum in 2018.

In addition to hourly wages, Bank of America said 97% of its employees have been paid a total of $4.8 billion, mostly in restricted Bank of America common stock.

"Providing a competitive minimum wage is core to being a great place to work," Sheri Bronstein, chief human resources officer at Bank of America, said in a statement. "I am proud that Bank of America is leading by example."

Along with the higher minimum wage, Bank of America also offers a sabbatical program, a life-events-services team, 16 weeks of paid parental leave, as well as the Academy at Bank of America - a free onboarding, education and professional-development program.

As the second-largest bank in the U.S., behind JPMorgan Chase & Co. (JPM), Bank of America has 212,318 employees as of June 30, according to disclosures.

Bank of America's stock was up 1.6% in premarket trading.

The stock is up 17.2% in 2024, compared to a 14.75 rise by the S&P 500 SPX.

-Steve Gelsi

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

09-10-24 0713ET

Copyright (c) 2024 Dow Jones & Company, Inc.