CHARLOTTE, N.C. — Bank of America announced Tuesday it's raising its minimum wage for hourly employees starting in October.
The new hourly rate will be $24 an hour while the current rate is $23 an hour, which marks a significant jump from around six years ago when it was around $15 an hour.
The new hourly rate moves the company closer to its goal of a $25 minimum wage by 2025.
“Providing a competitive minimum wage is core to being a great place to work -- and I am proud that Bank of America is leading by example,” said Sheri Bronstein, chief human resources officer.
The bank says the minimum annualized salary for full-time employees in the U.S. will rise to nearly $50,000 under the pay increase, and starting salaries will have increased by roughly $20,000 since the company began increasing pay in 2017.
According to the United States Bureau of Labor Statistics, the median wage for bank tellers is around $18.10 an hour.
The Bureau of Labor Statistics also says that despite a 15% projected decline in employment of tellers over the next decade, roughly 27,000 teller positions will need to be filled each year as current ones leave the workforce or change jobs.
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