{"id":45031,"date":"2025-09-18T22:24:05","date_gmt":"2025-09-18T22:24:05","guid":{"rendered":"https:\/\/isafespend.com\/?p=45031"},"modified":"2025-09-18T22:24:06","modified_gmt":"2025-09-18T22:24:06","slug":"bank-of-america-and-amazon-are-increasing-worker-pay","status":"publish","type":"post","link":"https:\/\/isafespend.com\/?p=45031","title":{"rendered":"Bank of America and Amazon Are Increasing Worker Pay"},"content":{"rendered":"<div>\n<p>A major U.S. bank, with over $2.6 billion in assets, just raised its minimum wage.<\/p>\n<p>Bank of America announced on Wednesday that it would raise its minimum pay for its full- and part-time U.S. hourly workers to $25 an hour. The change will take effect next month, pushing the minimum salary for full-time U.S. employees to over $50,000 annually.<\/p>\n<p>This pay increase is the final phase of a plan announced in 2017 to boost the bank&#8217;s base pay from $15 an hour to $25 an hour by 2025. (Employees have been making $24 an hour since October 2024.) With the raise to $25 an hour, the starting salary for full-time U.S. workers will have increased by more than $20,000 since 2017.<\/p>\n<p><b>Related: <\/b>Bank of America Is Cracking Down on Overwork for Junior Bankers and Capping Hours to &#8216;Only&#8217; 80 a Week. Here&#8217;s Why.<\/p>\n<p>&#8220;[The raise] gives a teammate a chance to join our company, spend their whole career here, and support their families,&#8221; Bank of America CEO Brian Moynihan told Bloomberg.<\/p>\n<p>Moynihan emphasized that the higher minimum wage minimized turnover, causing the rate of departing employees to drop from 20% in 2017 to around 10% this year. Customer attrition, or a loss of customers, has also dropped, he stated.<\/p>\n<p><i><sup>Bank of America CEO Brian Moynihan. Photographer: Betty Laura Zapata\/Bloomberg via Getty Images<\/sup><\/i><\/p>\n<p>As Bank of America adopts new technologies like AI, it has reduced its number of employees across some departments, Moynihan told <i>Bloomberg<\/i>. The goal is to put more dollars in the pockets of the employees who remain and &#8220;re-skilling them,&#8221; he said.<\/p>\n<p>Bank of America had about 213,000 employees as of July, according to its newsroom.<\/p>\n<p><b>Related:<\/b> Here&#8217;s What&#8217;s Considered &#8216;Middle Income&#8217; in the U.S. Today, According to Bank of America Data<\/p>\n<h2>Amazon Is Raising Pay<\/h2>\n<p>Amazon also announced this week that it would increase its average hourly pay to more than $23 per hour. The retail giant is investing more than $1 billion to increase wages and decrease the cost of healthcare plans for its employees.<\/p>\n<p>Full-time employees will have their pay increase by an average of $1,600 per year.<\/p>\n<p>Meanwhile, Amazon&#8217;s entry-level healthcare plan will cost $5 per week and $5 for co-pays beginning next year. Amazon stated that the change is a 34% reduction in weekly contribution costs.<\/p>\n<p>Amazon employed 1.55 million people globally as of the end of last year.<\/p>\n<p><b>Related:<\/b> Amazon Tells Thousands of Employees to Relocate or Resign<\/p>\n<\/div>\n<div>\n<div class=\"first-letter:float-left first-letter:text-8xl first-letter:pr-1 first-letter:-mt-1 first-letter:font-black first-letter:text-gray-500 prose prose-blue max-w-3xl text-lg leading-relaxed mb-12\">\n<p>A major U.S. bank, with over $2.6 billion in assets, just raised its minimum wage.<\/p>\n<p>Bank of America announced on Wednesday that it would raise its minimum pay for its full- and part-time U.S. hourly workers to $25 an hour. The change will take effect next month, pushing the minimum salary for full-time U.S. employees to over $50,000 annually.<\/p>\n<p>This pay increase is the final phase of a plan announced in 2017 to boost the bank&#8217;s base pay from $15 an hour to $25 an hour by 2025. (Employees have been making $24 an hour since October 2024.) With the raise to $25 an hour, the starting salary for full-time U.S. workers will have increased by more than $20,000 since 2017.<\/p>\n<\/div>\n<div class=\"justify-center bg-gray-100 flex flex-col sm:flex-row rounded-lg p-6 align-middle sm:text-left text-center\">\n<div class=\"flex flex-col justify-center align-middle mr-0 sm:mr-16\">\n<p class=\"text-sm leading-5 my-0\">\n      The rest of this article is locked.\n    <\/p>\n<p class=\"text-xl text-black font-bold leading-5 my-1\">\n      Join Entrepreneur<span class=\"text-yellow-500\">+<\/span> today for access.\n    <\/p>\n<\/p><\/div>\n<\/div><\/div>\n<p>Read the full article <a href=\"https:\/\/www.entrepreneur.com\/business-news\/bank-of-america-and-amazon-are-increasing-worker-pay\/497306\" target=\"_blank\" rel=\"noopener\" rel=\"nofollow\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A major U.S. bank, with over $2.6 billion in assets, just raised its minimum wage. Bank of America announced on Wednesday that it would raise its minimum pay for its full- and part-time U.S. hourly workers to $25 an hour. The change will take effect next month, pushing the minimum salary for full-time U.S. employees<\/p>\n","protected":false},"author":1,"featured_media":45032,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[46],"tags":[32],"class_list":{"0":"post-45031","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-make-money","8":"tag-featured"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.12 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bank of America and Amazon Are Increasing Worker Pay | iSafeSpend<\/title>\n<meta name=\"description\" content=\"A major U.S. bank, with over $2.6 billion in assets, just raised its minimum wage.Bank of America announced on Wednesday that it would raise its minimum\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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