Bank of America Increases Minimum Wage
New England Council Member, Bank of America (BofA), announced it is increasing its U.S. minimum wage to $25 an hour. The change applies to both part-time and full-time employees, with full-time starting salary now above $50,000 a year.
BofA has consistently increased its minimum wage in recent years from $15 an hour in 2018 to $25 an hour today. By increasing the minimum wage, the bank aims to ensure that employees launch long-term careers at the institution, also offering professional development opportunities and tuition assistance.
Beyond supporting its employees, the company also contributes to Massachusetts’ economy, depositing $96.6 billion in 2024. BofA has been recognized repeatedly as a top corporate charitable contributor, donating over $7.2 million to Massachusetts charities just in the past year. BofA is also a proud sponsor of many charities supporting New England, and this year, is a Centennial Sponsor of the New England Council’s Centennial Celebration
Chief People Officer, Sheri Bronstein, stated that the company’s goal is to help drive American economic growth, explaining: “Our strong and rising minimum starting salary provides opportunities for our teammates to build a long-term career at Bank of America,” In addition, 97% of employees have received awards that go beyond standard compensation, showing how much the company values and supports its team. “
The New England Council applauds this achievement and commends Bank of America for its investment in employees and the wider New England community.
Find more info in the Boston Business Journal or Bank of America’s press release
.