Archive · 17 Sep 2025
Bank of America Increases Minimum Wage to $25
Bank of America is increasing its minimum wage to $25 an hour.
This move is part of a plan that started several years ago to raise the base pay.
The new pay rate, which applies to both full-time and part-time employees, translates to an annual salary of over $50,000.
CEO Brian Moynihan says the increase will help employees and reduce turnover.
The bank is also investing in employee training and plans to hire more people from the military and community colleges.
Bank of America will raise its minimum wage to $25 per hour.
The increase is the final step of a long-term goal.
The pay increase applies to all hourly employees in the US.
The bank plans to hire 10,000 veterans over the next five years.
Employee turnover and attrition have decreased since the initiative to raise the minimum wage was implemented.
- Who
- Bank of America
- What
- Raising its minimum wage to $25 per hour
- When
- Next month
- Where
- US
- Why
- To support families and retain employees
- New Minimum Wage
- $25 per hour
- Effective Date
- Next month
- Previous Minimum
- $24 per hour
- Increase Since 2010
- Almost $14
- Military Hiring
- Additional 10,000 over 5 years
