BAC Bank of America Corporation

By Colin Kellaher

Bank of America, which in 2021 pledged to raise its U.S. minimum hourly wage to $25 from $20, is taking the next step by bumping the rate up to $23, starting next month.

The Charlotte, N.C., bank on Wednesday said the increase, from the current rate of $22 an hour, will raise the minimum annualized salary for full-time employees to nearly $48,000.

When it reaches its $25-an-hour goal in 2025, Bank of America will have raised its minimum wage by nearly $14 an hour, or more than 120%, since 2010.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

September 20, 2023 11:32 ET (15:32 GMT)

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