The U.S. minimum wage has not kept up with the cost of living in many places. But in 2023, Bank of America raised its minimum wage to $23 per hour, setting a new standard in the banking industry; it plans to increase it to $25 by 2025. The bank also last year introduced a “sabbatical” program that offers those with at least 15 years of service four to six weeks of fully paid time off to recharge and rejuvenate however they want, with more than 10,000 employees already taking advantage of the program. Bank of America also offers targeted support services and aid during major life events and crises such as natural disasters, domestic violence or the loss of a loved one; about 3,800 employees and their families received support in 2023. “We are focused on being a great place to work—and that has a multiplier effect,” says Sheri Bronstein, the company’s chief human resources officer. “By providing a leading employee experience, we're better positioned to deliver for our clients and communities.”
More Must-Reads from TIME
- How the Economy is Doing in the Swing States
- Harris Battles For the Bro Vote
- Our Guide to Voting in the 2024 Election
- Mel Robbins Will Make You Do It
- Why Vinegar Is So Good for You
- You Don’t Have to Dread the End of Daylight Saving
- The 20 Best Halloween TV Episodes of All Time
- Meet TIME's Newest Class of Next Generation Leaders
Write to Nik Popli at nik.popli@time.com