Large North Carolina Employer Increasing Minimum Wage To $23
Great news for those job seekers in North Carolina. Today, Bank of America announced it has once again increased its U.S. minimum hourly wage. This time to $23 an hour. This is part of an intended path to have the company’s minimum hourly wage at $25 by 2025. The company will move to $23 rate in October. By the time the goal is reached in 2025, Bank of America’s minimum hourly wage will have increased by nearly $14 per hour. That’s more than 121% since 2010. Now that folk, is how you run a company. This $23 minimum wage rate equates to a minimum annual salary of just under $48,000.
“Providing a competitive minimum rate of pay is foundational to being a great place to work,” said Sheri Bronstein, chief human resources officer at Bank of America in a press release. “By investing in a variety of benefits to attract and develop talented teammates, we are investing in the long-term success of our employees, customers, and communities. Our commitment to $25 by 2025 is how we share success with you and lead the way for other companies.”
In the last six years, Bank of America raised the minimum hourly wage yearly. The company began with an increase to $15 in 2017; to $17 in 2019; to $20 in 2020; to $21 in 2021 – and to $22 in May 2022. And now a minimum wage of $23 beginning in October of 2023. While many other companies are letting workers essentially make less as a result of inflation, Bank of America is showing a commitment that I admire greatly. The company serves approximately 68 million consumer and small business clients in the United States. For any consumer, knowing that they are choosing to do business with a company that values its employees no matter what their job is reassuring. This is exactly the type of company I would feel good about doing business with.
I hope to see more North Carolina companies follow Bank of America’s lead and show their commitment to their workers.
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