Bank of america employee pension -
Bank of America to boost minimum wage to $25 an hour for its employees by 2025
Bank of America announced Tuesday it will raise the minimum hourly wage for its employees to $25 by 2025.
The banking giant based in Charlotte, North Carolina, is the latest U.S. corporation to increase the minimum wage paid to its workers as the country rebounds from the COVID-19 pandemic that caused massive layoffs last year.
The Biden administration is pushing for a national $15-an-hour minimum wage, and McDonald's, Walmart, Starbucks and Amazon also announced that they will increase hourly pay.
Governors in at least 10 states have said they will no longer accept the federal government's enhanced unemployment program that includes $300 for weekly benefits. Many of those states' Republican leaders contend the extra federal cash has incentivized low-wage workers to make more money not working as some employers say they are having difficulty finding labor.
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Bank of America raised its U.S. minimum wage in March 2020 to $20 per hour, and the company said it will require all of its U.S. vendors to pay their employees whose work is dedicated to the bank at least $15 an hour.
Sheri Bronstein, Bank of America's chief human resources officer, said the company wants to provide "strong pay and competitive benefits" to help employees' families and to attract and retain the best talent.
“A core tenet of responsible growth is our commitment to being a great place to work, which means investing in the people who serve our clients,” Bronstein said.
In April, the bank posted a first-quarter profit of $8.1 billion, which far exceeded Wall Street estimates.
The bank increased its hourly minimum wage from $15 to $17 an hour in 2019.
At $25 a hour, a full-time employee working 40 hours a week would earn $52,000 annually. That's a 25% increase from the company's current minimum wage, which translates to $41,600 a year in pay.
Bank of America, like many banks, has cut its operating hours for customers; some branches close at 4 p.m. weekdays.
The bank has approximately 66 million consumer and small-business clients and 4,300 retail financial centers.
Bank of America's minimum wage is nearly three times higher than the federal minimum wage of $7.25 an hour.
A government report in February by the nonpartisan Congressional Budget Office concluded that boosting the minimum wage to $15 per hour would raise income for millions of Americans and lift 900,000 people out of poverty.
By 2025, when the federal hourly rate would hit $15 under a proposal before Congress, about 1.4 million fewer Americans would be working, the report said. That is because higher wages would increase the cost of producing goods and services, and in response, many employers would reduce their workforce or hire fewer employees, the report said.
Have a tip on business or investigative stories? Reach the reporter at [email protected] or 602-509-3613 or on Twitter @CraigHarrisUSAT
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Average Hourly Rate for Bank of America Corp. (BOFA) Employees
Bank of America Corp. (BOFA) Reviews
Learning and Development3.6
Customer Relations Manager (CRM) in Buffalo:
Pros: Benefits, work schedule, corporate atmosphere.
Cons: Pay, stress level, favoritism, lack of opportunity for advancement.
Senior Teller in Davenport:
Pros: 1. Meeting interesting people. 2. Predictable good schedule. 3. Countrywide company with option to transfer to other states. 4. Offers tuition and child care reimbursement. 5. Employee programs that offer support in emotional, legal and even health issues.
Cons: 1. Very brain-numbing repetitive transactions that become extremely annoying after doing them so long. I need more intellectual challenges. 2. Annoying, rude and crazy customers. 3. Standing up the whole entire time. 4. Very difficult to climb up the ladder outside of retail banking. 5. Crazy referral and sales pressure expectations. 6. Knowing that any little mistake could cost you your job. 7. Working with lazy people. 8. I hate being on the floor while wearing a suit. Because of change orders, night drops etc... I'm constantly on the floor arranging, lifting and opening boxes of coins. Yet I'm expected to wear a suit.
At Bank of America Corp. (BOFA), employees are provided with pension plans. Employer-provided pension plans help to guarantee a steady source of income later in life. Bank of America Corp. (BOFA) offers defined benefit pension …Read more
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About Bank of America
Founded on: July 31st, 1998
Number of Employees: 10,001-1,000,000
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Avg. Hourly Rate: $16 - $30
Avg. Hourly Rate: $18 - $43
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Popular Locations for Bank of America Corp. (BOFA)
- Charlotte, North Carolina
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