Bank of America to raise its minimum wage to $25 an hour
The bank, which employs 1,500 people in the Philly region, has a higher minimum wage than Pennsylvania’s $7.25 an hour and New Jersey’s $15.49.
Bank of America is set to soon raise its minimum hourly wage to $25, marking the culmination of the company’s yearslong effort to hit that figure by 2025.
The Charlotte-based bank’s minimum wage will apply to all full- and part-time hourly workers, including 1,500 employees in the Philadelphia area. It is higher than Pennsylvania’s $7.25 an hour minimum wage, and New Jersey’s $15.49.
Jim Dever, president of Bank of America Greater Philadelphia, said that’s one reason the company is “a leading employer” in the region.
The increase, which takes effect next month, will mark a $1 per hour increase from last year, and a $10 bump from 2018, the company said.
“This increased starting salary, combined with our skills-based professional development programs and career mobility, reflect our commitment to creating a workplace where every teammate has the opportunity to start and grow a career,” Dever said in a statement.
» READ MORE: Bank branches are still hiring tellers and bankers, but the jobs look different now
While the number of bank branches and employees has declined, due in part to increased automation, entry-level teller jobs still exist. They look different from they once did, with fewer routine tasks and more specialized customer service, but can be “a launchpad for a long-term career,” as Bank of America executives put it in their announcement.
In 2024, bank tellers nationwide made $19.68 an hour, or $40,940 a year, according to data from the U.S. Bureau of Labor Statistics. The job does not require college degree and comes with on-the-job training.
In the Philadelphia region, workers can make even more. The 6,400 bank tellers in the Philadelphia region made $20.45 an hour on average, according to the most recent federal data from May 2024.
The city’s TD Bank employees make a minimum wage of $21 an hour, while the Pittsburgh-based PNC Bank has had a minimum wage of $18 an hour since 2021, according to bank spokespeople.