A financial institution with nearly 200 branches in New Jersey is raising its minimum wage to $23, nearly $9 more than the Garden State's minimum pay level.

Bank of America announced on Wednesday that the minimum hourly wage for employees will move to $23 in October. It was bumped up to $22 in May 2022.

Come next month, the minimum annual salary for a full-time employee will hit nearly $48,000.

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Bank of America plans to offer a minimum wage of $25 by 2025. The hourly minimum wage has increased by nearly $14 since 2010. The company's minimum wage was $15 as recently as 2017.

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

According to a spokesperson, Bank of America has 196 branch locations in New Jersey.

New Jersey's minimum wage is $14.13 per hour. A law signed by Gov. Phil Murphy in 2019 called for annual increases until a minimum wage of $15 is reached in 2024.

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