Bank of America has announced it is accelerating the move from its current U.S. minimum hourly rate of pay of $17 to $20 by the end of the first quarter of 2020, more than a year earlier than originally planned.
In Utah, this move will enhance the 90 new jobs being created as part of Bank of America’s consumer retail expansion in the state.
The decision is part of the company’s commitment to delivering sustainable, responsible growth by being a great place to work – through leading physical, financial and emotional benefits as well as innovative learning and development resources that support the needs of its 208,000+ employees.
“As part of our commitment to being a great place to work, we are saying thank you, and sharing our success with our teammates who serve our clients and communities every day,” said Sheri Bronstein, chief human resources officer at Bank of America.
Bank of America is committed to supporting a competitive rate of pay, and has made regular increases to its minimum wage over many years. Since 2010, it has increased by more than $8 per hour.
The announcement follows last week’s news that for the third consecutive year, Bank of America will extend special compensation awards to approximately 95 percent of its global workforce, distinguishing the company as a corporate leader in connecting ongoing performance results directly back to its employees. Awards include cash bonuses and stock paid since 2017 totaling approximately $1.6B, in addition to any other compensation employees received.