Bank of America hikes its minimum wage to $22 per hour
CBSN
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 2020 (the latest year for which data is available), the median earnings of all U.S. workers 15 and older was $41,535, according to the Census Bureau. For full-time workers, median pay came to $61,417 for men and $50,982 for women, according to the agency, which pegged the poverty threshold for one person in 2020 at $13,171.
