Bank of America’s minimum hourly pay will become $23 once the North Carolina-based company’s planned increase happens.

The bank revealed Wednesday that it would do the $1 hike, with the increase slated to apply to U.S. employees beginning in October. Its minimum hourly wage has been $22 since May of last year, according to the company.

With the new $23-per-hour level, it will make the minimum annualized salary of those with full-time positions nearly $48,000, according to Bank of America.

In a statement, Chief Human Resource Officer Sheri Bronstein described having a "competitive minimum rate of pay" as "foundation" to "being a great place to work."

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"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," she said. "Our commitment to $25 by 2025 is how we share success with you and lead the way for other companies."

Two years ago, Bank of America first unveiled its plans to hit $25 for its minimum hourly rate no later than halfway through the decade.

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Prior to the hike announced Wednesday, Bank of America workers had seen at least five bumps in the company’s minimum hourly rate since 2017, according to the company. Once the $23 comes into force, it will have risen 53%, or $8, compared to then.

Bank of America’s new per-hour...

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