Bank of America raises minimum wage for employees again

CHARLOTTE — Employees at Bank of America are in line for a raise.

Beginning in October, the Charlotte-based bank will raise its minimum wage to $24 per an hour. This brings the minimum annual salary to about $50,000 per year for full time workers.

This is the seventh year in a row that the bank has raised its pay for hourly employees. The company said it’s on track to reach its goal of $25 per hour by 2025.

Bank of America pledged in April 2019 to reach a $20 per hour minimum wage by 2021, our partners at the Charlotte Business Journal report. The bank met that goal in 2020.

CBJ reports the hike is expected to affect thousands of employees. BofA has about 213,000 employees companywide, including more than 19,000 workers in the Charlotte region, CBJ reports.

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