Bank of America raised its U.S. minimum hourly wage to $22, the company announced May 23.
The increase marks the next step in the Charlotte, N.C.-based financial institution’s plans to increase the hourly wage to $25 by 2025.
The most recent prior adjustment came in October, when Bank of America announced it was raising its minimum wage to $21 an hour. In 2017, the bank raised the rate to $15, then to $17 in 2020.
Effective at the end of June, the latest change will raise the annualized salary for a full-time employee to more than $45,000.
New Jersey’s current minimum wage sits at $13 per hour, as of Jan. 1, 2022. Under legislation signed by Gov. Phil Murphy in February 2019, the statewide hourly minimum wage is set to increase to $15 per by 2024; it was $8.60 per hour when he took office in 2018.
“Our focus on being a great place to work is core to everything we do and underscores the role our teammates play in our success,” said Sheri Bronstein, chief human resources officer at Bank of America. “We continue to invest in our teammates and their priorities through competitive pay; industry-leading benefits and resources for physical, emotional and financial wellbeing; long-term career development tools and programs; and in our diversity, equity and inclusion efforts across the company, so that we continue to attract and retain the best talent.”
Bank of America has 209 offices in New Jersey.
The national minimum wage is $7.25, which it has been since 2009.