CBS News: Bank of America hikes its minimum wage to $22 per hour

By Kate Gibson
CBS News Moneywatch, May 23, 2022

Bank of America is giving its lowest-paid employees a bump in wages to $22 an hour, equivalent to nearly $46,000 a year for full-time workers. The Charlotte, North Carolina-based company's pay increase bolsters the earnings of a large portion of its 174,000 U.S. employees, and follows wage hikes that started with the bank increasing its hourly base to $15 in 2017, $17 in 2019 and then $21 in 2021. BofA previously announced that it plans to gradually raise its base pay to $25 per hour by 2025. ...

In 2015, Amalgamated Bank became the first bank in the country to pay workers including interns, mail room clerks and tellers a minimum of $15 an hour. The New York City-based bank, founded nearly a century ago by the Amalgamated Clothing Workers of America, increase that rate to $20 in 2019.

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