Bank of America (BAC.N) has announced that it will raise the minimum hourly payment for its workers in the United States starting from October 2023. This move is part of a gradual process aimed at improving the conditions of its employees. The company, based in North Carolina, has consistently been recognized as a top employer globally. It has been named one of the “Top U.S. Companies” by LinkedIn and has been included in Fortune’s list of the “100 best companies to work for” for the fifth consecutive year.
Bank of America has been implementing a salary increase process since 2017, which is set to culminate in 2025. The goal is to offer a competitive minimum payment in order to provide an excellent workplace. Sheri Bronstein, the director of human resources at Bank of America, emphasizes the importance of providing a competitive minimum wage for the company’s employees.
According to a press release by Bank of America, starting from October 1, the minimum wage for its workers will be increased to $23 per hour. This amount triples the current federal minimum wage of $7.5. This salary increase translates into a minimum annual salary of nearly $48,000 for full-time employees. Bank of America serves approximately 68 million customers and small businesses in the United States.
The minimum wage at Bank of America has seen several increases in recent years. It started with a move to $15 an hour in 2017 and is projected to reach $25 an hour by 2025. According to the schedule of salary increases, the minimum wage at Bank of America will have increased by nearly $14 per hour since 2010, which is over a 121% increase. The company’s goal is to triple the current federal wage by 2025.
It is worth noting that the minimum wage in the United States is not only increasing at Bank of America. In New York, the minimum wage will be increased to $16 in the designated counties, and in the rest of the state, it will go up to $15 from the current $14. Additionally, there are several other states where the minimum wage will also see an increase. These states have legislation that allows for annual salary increases, and they include Alaska, California, Connecticut, Delaware, Florida, Hawaii, Maine, Maryland, Massachusetts, Minnesota, Missouri, Montana, Nebraska, Nevada, New Jersey, New York, New Mexico, Rhode Island, Ohio, Oregon, Washington, and the District of Columbia.
If your labor rights are violated and you are owed less than $6,500, you can file a claim in small claims court. For amounts higher than $6,500, you may be able to sue your employer in other state or federal courts or file a claim with the Wage and Hour Program or the U.S. Wage and Hour Division.
Overall, the increase in minimum wage at Bank of America and in various states across the United States aims to improve the financial well-being of employees and provide a better working environment.