Bank of America is giving its lowest-paid workers a bump in pay to $22 an hour, which comes out to $46,000 a year for full-time employees.
The Charlotte, NC-based company’s wage increase is part of a series of hikes that began with the bank increasing the minimum to $15 an hour in 2017, $17 an hour in 2019 and $19 an hour in 2021, according to CBS News.
But the company does not plan to stop there.
The bank announced that it plans to gradually increase its minimum wage to $25 an hour by 2025.
According to the latest data from the US Census Bureau, the median earnings for all American workers 15 years and older was $41,535.
Among full-time employees, the median earnings were $61,417 for men and $50,982 for women, according to the Census, which cited 2020 data.
Bank of America’s move comes at a time when many companies are vying for employees by offering them fatter paychecks in a tight labor market and rising inflation.
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