Bank of America has raised its U.S. minimum hourly wage yet again – moving to $23 an hour in October, the financial institution announced Sept. 20.
The increase is part of the Charlotte-based company’s plan to reach $25 by 2025. At that point, its minimum hourly wage will have increased by nearly $14 per hour — or more than 121% — since 2010.
This year’s hike means the minimum starting salary for full-time employees is nearly $48,000.
Hourly employees were bumped up to $22 per hour in June 2022.
“Providing a competitive minimum rate of pay is foundational to being a great place to work,” Bank of America Chief Human Resources Officer Sheri Bronstein said in a statement. “By investing in a variety of benefits to attract and develop talented teammates, we are investing in the long-term success of our employees, customers and communities.”
Bronstein added that the commitment to increase its minimum pay will help “lead the way for other companies.”
Bank of America has approximately 200 locations in the Garden State, according to its website.
In January, the minimum wage for most Garden State employees increased from $13 to $14.13 per hour under legislation signed into law in 2019 that calls for the rate to gradually increase to $15 per hour by 2024.
While employees rejoice the move, business organizations such as New Jersey Chamber of Commerce and New Jersey Business & Industry Association have said it adds an extra burden on companies that are already dealing with economic challenges.