Bank of America increases base hourly pay to $24 per hour
Bank of America has been on a mission to enhance the compensation of its employees, particularly those at the lower end of the pay scale. Since 2017, the bank has made significant strides in increasing its minimum hourly wage, although it hasn't raised it every year consistently.
In 2019, the bank made a notable move by increasing its minimum hourly wage to $20. This was followed by an increase to $22 in May 2022, and just last October, the minimum hourly wage was bumped up to $23. The bank is set to raise it again next month, to $24. If these plans hold, Bank of America will have increased its minimum hourly wage by over 121% since 2010.
The bank aims to have a minimum hourly wage of $25 per hour by 2025. This goal, if achieved, will have been reached a year early. In 2021, the bank first proposed a timeline for reaching $25 per hour, which was initially set for 2021. However, the bank managed to hit this benchmark a year early.
In addition to wage increases, Bank of America has been offering restricted stock bonuses to its employees for seven consecutive years. These bonuses are part of the bank's annual benefits and are not directly related to its minimum wage increases. The bank will offer restricted stock bonuses worth a collective $800 million to approximately 97% of its staff.
Employees earning $500,000 or less have received these bonuses for the past seven years. In the past three years, workers making $100,000 or less have also been included in the bonuses. However, the bank has not disclosed the specific terms and conditions of the restricted stock bonuses.
It's worth noting that Bank of America has not made any announcements regarding changes in its policy on offering restricted stock bonuses in the future. As for the minimum wage increases, while the bank has focused on competitive compensation, specific details on planned minimum hourly wage increases for 2023 and subsequent years are not publicly detailed in the available information.
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