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Bank of America announced Sept. 10 it raised its U.S. minimum wage to $24 per hour.

The move brings the financial institution a step closer to its commitment of $25 per hour minimum wage by 2025. With the increase, which applies to all full-time and part-time hourly positions in the U.S., the minimum annualized salary for full-time U.S. employees will rise to nearly $50,000 – while the starting salary will have gone up by nearly $20,000 since 2017.

Over the past seven years, Bank of America has increased its minimum wage from $15 per hour in 2018 to $24 now in 2024. The financial institution also notes other key efforts to invest in employees, including awarding stock; industry-leading benefits and employee programs; career growth and upskilling opportunities; and more.

According to a spokesperson, Bank of America has 186 financial centers and nearly 11,000 employees based in the Garden State.

“Providing a competitive minimum wage is core to being a great place to work – and I am proud that Bank of America is leading by example,” said Sheri Bronstein, chief human resources officer.

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In New Jersey, minimum wage increased Jan. 1 to $15.13 per hour. Click here to read the story.