Bank of America

Hitting a balance

1 minute read

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.”

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