The minimum wage at Bank of America will now be $23 per hour, with a target of $25 per hour by 2025.

The initial pay boost will take effect in October, making this the seventh year in a row that Bank of America workers have received hikes to the federal minimum wage.

The minimum wage at Bank of America increased steadily from $15 in 2017 to $22 in May 2022.

Employees at Bank of America who work full-time may now expect a pay of at least $48,000 per year.

Despite a 5.1% countrywide increase in work earnings between December 2021 and December 2022, 2022's 8% inflation rate outpaced pay growth.

Other banks have also raised their minimum pay recently, including Truist Financial and JPMorgan Chase.

In 2021, Wells Fargo increased the hourly minimum pay for its employees to a range of $18-$22, depending on the area.

The top human resources officer of Bank of America, Sheri Bronstein, underlined the significance of competitive minimum pay in luring and keeping skilled workers.