In order to move closer to its objective of raising hourly pay to $25 by 2025, Bank of America announced in a statement on Wednesday that its minimum hourly wage will increase to $23 in October.
The second largest U.S. lender estimates that the pay increase amounts to a minimum compensation of over $48,000 per year for full-time workers.BofA has increased pay multiple times recently, beginning with a switch to $15 an hour in 2017.
The bank’s chief human resources officer, Sheri Bronstein, said in a statement that “offering a competitive minimum rate of pay is foundational.”
