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September 10, 2024

Bank of America to increase minimum wage to $24 per hour

COSTAR Bank of America's Connecticut Post Mall branch in Milford, 1331 Boston Post Road.
By Andrew Larson

Bank of America is raising its minimum wage for the seventh year in a row, starting in October, to $25 per hour.

That equates to about $50,000 a year for a full-time U.S. employee. 

Connecticut’s minimum wage of $15.69 per hour ranks fourth in the United States, behind California, Washington and Washington, D.C.

Bank of America, which is Connecticut’s largest bank by deposits, made headlines last year for increasing its minimum wage to $23.

Seven years ago, Bank of America’s minimum wage of $15 per hour translated into roughly $30,000 a year – about $20,000 less than it is now. That marks a 60% increase since 2017. During the same timeframe, inflation rose an average of 2.5%.

Also, Bank of America said it will increase its minimum wage in 2025 to $25 per hour.

The minimum wage applies to part-time and full-time hourly positions at the company’s U.S. locations.

In addition, Bank of America said that 97% of its employees have received awards beyond regular compensation, mostly in the form of Bank of America restricted common stock.

Bank of America is one of the largest banks in the world, with about 68 million consumer and small business clients, roughly 3,900 retail financial centers and 15,000 ATMs in the United States.

As of June 30, 2023, Bank of America had almost $40 billion in deposits in Connecticut, controlling about 24% of all deposits in the state.

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