Bank of America has announced it will raise its national minimum wage to $24 an hour, equating to an annual salary of $50,000, a $20,000 increase since 2017.
The latest wage increase comes as Bank of America decreases its overall headcount from a peak of 217,000 employees in 2022 to 213,000 last year.
The bank's minimum wage is significantly above the national minimum wage of $7.25, positioning it as a leader in employee compensation amidst pressing wage concerns.
With its eighth raise planned to reach $25 an hour by 2025, Bank of America is responding to external pressure for improved wages for its lowest earners.
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