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Minimum wage increase to $22 for Bank of America employees, step closer to 2025 plan

Bank of America plans to increase hourly wage to $25 by 2025.
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CHARLOTTE, N.C. — Editor's note: Video featured is about unemployment paired with millions of job openings.

Bank of America announced its minimum hourly wage raise to $22. This is a step closer to the company's plan to increase to $25 by 2025. 

The company's increase to paying $22 will begin at the end of June. The annualized salary for full-time employees would come out to be more than $45,000.

In the last five years, Bank of America raised the minimum wage to $15 in 2017; in 2019 it increased to $17; in 2020, to $20 and in October 2021, to $21.

By 2025, the hourly minimum wage will have increased by nearly $14 per hour, or more than 121%, since 2010.

"Our focus on being a great place to work is core to everything we do and underscores the role our teammates play in our success," said Chief Human Resources Officer, Sheri Bronstein. 

The company's efforts have been recognized by a number of external organizations including LinkedIn's "Top Companies in the U.S." and Fortune's "100 Best Companies to Work For" list for four consecutive years. 

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