ATLANTA — Bank of America will boost its minimum hourly wage to $23 this fall.
It marks another step in the company's ongoing plan to reach a minimum wage of $25 per hour by 2025, according to reporting from the Atlanta Business Chronicle.
Bank of America said the hike, which will take effect in October, will increase the minimum salary of full-time employees to nearly $48,000 a year — up from about $45,000 a year ago.
The latest increase will affect thousands of employees. The bank declined to share a specific count. The company has 5,580 employees in Georgia, with 5,100 in Atlanta, according to a company spokesperson. There are 110 financial centers and 7 offices in the city.
If Bank of America reaches its target in 2025, it will have raised its minimum hourly wage by nearly $14, or more than 121%, since 2010.
