Need a job in NJ? Banking giant announces impressive minimum wage

⚫ For the fifth straight year, a bank's minimum wage has increased by a dollar

⚫ Part-time workers are impacted by the change as well

⚫ New Jersey's minimum hourly wage is around $15

With a goal of hitting an hourly minimum wage of $25 next year, a financial institution has announced that its minimum hourly pay is increasing by a dollar, effective Tuesday.

Bank of America said its minimum hourly wage is now $24, up from $23.

Now the full-time salary for starting employees in the U.S. is approaching $50,000. The change applies to part-time workers as well.

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Bank of America, based in North Carolina, has increased the minimum hourly pay from $15 to $24 over the last year seven years.

“Providing a competitive minimum wage is core to being a great place to work -- and I am
proud that Bank of America is leading by example,” said Sheri Bronstein, chief human resources officer.

Bank of America wants to pay its workers a minimum hourly wage of $25 in 2025.

Bank of America has 186 financial centers in New Jersey, a spokesperson said. The company has 10,000 employees in the Garden State.

As part of law signed by Gov. Phil Murphy in 2019, New Jersey's minimum wage increased to $15.13 per hour in January. The statewide minimum wage can continue to increase, as New Jersey is one of several states that tie minimum wage to inflation.

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