Bank of America Sets $25 Minimum Wage, Leading the Way for U.S. Employers

Bank of America is raising the bar — literally. Starting this month, the bank’s minimum hourly wage in the U.S. has jumped to $25 per hour, making the annual salary for full-time employees more than $50,000. The move fulfills the bank’s pledge to reach $25 by 2025 and positions it as a national leader in competitive pay for hourly workers.

Since 2017, Bank of America has steadily increased starting pay from under $15 per hour, representing a $20,000 increase in annualized pay over eight years. But the raise isn’t just about money — it’s part of a broader effort to launch careers, promote professional growth, and strengthen communities.

Employees at the minimum wage level have access to Bank of America’s award-winning development programs, tuition assistance, mentorship opportunities, and career mobility initiatives. Nearly 97% of employees receive additional awards, including restricted stock, totaling $5.8 billion since 2017.

The bank also offers industry-leading benefits, including 26 weeks of parental leave (16 fully paid), sabbaticals, backup child and adult care, and comprehensive health plans with virtual care and preventive services. Personalized support for life events ensures employees and families have resources when they need them most.

“This increase demonstrates our commitment to our employees and to the communities they serve,” said Sheri Bronstein, Chief People Officer. “We’re not just offering a paycheck — we’re providing a pathway to long-term careers and economic opportunity.”

Bank of America’s leadership has been recognized on LinkedIn’s Top Companies, Fortune’s 100 Best Companies to Work For, and People Magazine’s 100 Companies That Care, underscoring its national reputation as an employer of choice.

As wages rise across the country, Bank of America’s $25 minimum sets a new benchmark for large U.S. employers, highlighting the role major corporations play in driving economic growth and supporting career advancement.