Bank of America Accelerates Move to $20 per Hour Minimum Wage in 2020
04 Noviembre 2019 - 08:10AM
Business Wire
One Year Acceleration Reaffirms Commitment to
Being a Great Place to Work
Bank of America today announced that it is accelerating the move
from its current U.S. minimum hourly rate of pay of $17 to $20 by
the end of the first quarter of 2020, more than a year earlier than
originally planned. The decision is part of the company’s
commitment to delivering sustainable, responsible growth by being a
great place to work – through leading physical, financial and
emotional benefits as well as innovative learning and development
resources that support the needs of its 208,000+ employees.
“As part of our commitment to being a great place to work, we
are saying thank you, and sharing our success with our teammates
who serve our clients and communities every day,” said Sheri
Bronstein, chief human resources officer at Bank of America.
Bank of America is committed to supporting a competitive rate of
pay, and has made regular increases to its minimum wage over many
years. Since 2010, it has increased by more than $8 per hour.
The announcement follows last week’s news that for the third
consecutive year, Bank of America will extend special compensation
awards to approximately 95 percent of its global workforce,
distinguishing the company as a corporate leader in connecting
ongoing performance results directly back to its employees. Awards
include cash bonuses and stock paid since 2017 totaling
approximately $1.6B, in addition to any other compensation
employees received.
Bank of America Bank of America is one of the world’s leading
financial institutions, serving individual consumers, small and
middle-market businesses and large corporations with a full range
of banking, investing, asset management, and other financial and
risk management products and services. The company provides
unmatched convenience in the United States, serving approximately
66 million consumer and small business clients with approximately
4,300 retail financial centers, including approximately 2,400
lending centers, 2,600 financial centers with a Consumer Investment
Financial Solutions Advisor and 1,900 business centers;
approximately 16,600 ATMs; and award-winning digital banking with
nearly 38 million active users, including approximately 29 million
mobile users. Bank of America is a global leader in wealth
management, corporate and investment banking and trading across a
broad range of asset classes, serving corporations, governments,
institutions and individuals around the world. Bank of America
offers industry-leading support to approximately 3 million small
business owners through a suite of innovative, easy-to-use online
products and services. The company serves clients through
operations across the United States, its territories and
approximately 35 countries. Bank of America Corporation stock
(NYSE: BAC) is listed on the New York Stock Exchange.
For more Bank of America news, including dividend announcements
and other important information, visit the Bank of America
newsroom. Click here to register for news email alerts.
www.bankofamerica.com
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version on businesswire.com: https://www.businesswire.com/news/home/20191104005520/en/
Reporters May Contact: Liz Wright, Bank of America,
1.646.855.3302 elizabeth.i.wright@bofa.com
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