Bank of America Increases Its U.S. Minimum Hourly Wage to $22 as Next Step to $25 by 2025

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Bank of America announced it has raised its U.S. minimum hourly wage to $22 as a next step in the company’s plans to increase to $25 by 2025.

In the last five years, Bank of America raised the minimum hourly wage to $15 in 2017; in 2019 it rose to $17; in 2020, to $20 — and in October 2021, to $21. The company’s increase to paying $22 per hour, effective end of June, will increase annualized salary for full-time employees to more than $45,000.

In addition, Bank of America announced last year that all its U.S. vendors are required to pay their employees dedicated to the bank, at or above $15 per hour. As of last year, over 99% of the company’s more than 2,000 U.S. vendor firms and 43,000 vendor employees are at or above the $15 per hour rate, as a result of the implementation of this policy.

By 2025, Bank of America's minimum hourly wage will have increased by nearly $14 per hour — or more than 121% — since 2010.

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