This Major Bank Is Raising Its Minimum Wage To $23 In West Caldwell

CALDWELLS, NJ — Hello, $23 per hour.

Bank of America announced Wednesday that it will be raising the minimum hourly wage at its U.S. financial centers, kicking the pay rate up to $23 in October – or about $48,000 per year in salary. It’s a big step towards the company’s stated goal of hitting $25 per hour by 2025.

By then, the minimum hourly wage at Bank of America will have increased by nearly $14 per hour — or more than 121 percent — since 2010, the company says.

There are 196 Bank of America financial centers in New Jersey, including a location at 597 Passaic Avenue in West Caldwell. The wage increase will apply to all of them, a spokesperson confirmed to Patch.

See a list of Bank of America locations in New Jersey here.

“Providing a competitive minimum rate of pay is foundational to being a great place to work,” said Sheri Bronstein, chief human resources officer at Bank of America.

“By investing in a variety of benefits to attract and develop talented teammates, we are investing in the long-term success of our employees, customers and communities,” Bronstein said.

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