While the federal government, states and provinces can set minimum wagesCompanies can also create their own. Bank of America (BAC.N) announced it will raise its minimum hourly wage starting October 2023, as part of a gradual process seeking to improve conditions for its workers in the United States. Find out how much will rule as of October 2023 and what the forecast is.
The company, headquartered in North Carolina, is recognized as a top employer globally by organizations such as LinkedIn’s “America’s Best Companies.” And “Fortune” on the list of “100 Best Companies to Work For” for the fifth year in a row.
One of its attractive points for working in its offices in the United States is that it has maintained the process of increasing salaries since 2017, which will reach its peak in 2025.Offering a competitive minimum wage is essential to providing a great workplacesaid Sheri Bronstein, chief human resources officer at Bank of America.
What will be the new minimum wage for Bank of America workers in 2023?
The salary increase translates to a minimum salary of about $48,000 annually for full-time employees, said the company, which serves about 68 million customers and small businesses in the United States.
Salary increase schedule at Bank of America in the United States of America.
Bank of America has raised wages six times in recent years, starting with a move to $15 an hour in 2017 and hopes to reach $25 an hour by 2025. Check out the evolution and what’s to come:
- 2017: 15 USD
- 2019: 17 USD
- 2020: 20 USD
- 2021: 21 USD
- 2022: 22 USD
- 2023: 23 USD
- 2025: 25 USD.
By 2025, your minimum hourly wage will have increased by nearly $14 per hour (or more than 121%) since 2010. The goal is three times the current federal wage.
More information about the minimum wage in the United States of America.
How much will New York’s minimum wage rise?
Employees have another reason to celebrate because the $15 they received will be increased to $16 in New York and the counties mentioned above. Likewise, in the rest of the state it will reach $15 from the current $14. More details here.
In which other states will the minimum wage be increased?
Fortunately for some workers, the minimum wage will have an increase that will help them in the future. Economic field. This is due, according to Money onlyBecause some states have legislation that allows salaries to be increased at every beginning of the year. here they are:
- New Jersey
- New York
- New Mexico
- rhode island
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