Making good on a pledge for 2025, Bank of America (BofA) announced last week that it raised its U.S. minimum hourly wage to $25 per hour.
The increase, which goes into effect in early October, applies to all full-time and part-time hourly positions in the U.S., according to a Bank of America news release. With the increase, the company’s minimum annualized salary for full-time employees in the U.S. will rise to more than $50,000.
This is BofA’s latest competitive wage action after steadily increasing its hourly wage over the last several years from under $15 to now $25 per hour. With the increase, the starting salary for full-time U.S. employees at the bank will have gone up by more than $20,000 since 2017…