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Bank of America will increase its minimum hourly wage to $24 next month, taking the next step toward a goal of paying $25 by 2025 that it set seven years ago.
The move bumps pay up from $23, a level the firm put in place last September, the company said Tuesday. It translates to a full-time annualized salary of about $50,000 and applies to all full-time and part-time hourly positions in the U.S. The change continues a series of hikes, lifting the firm’s base pay from $15 in 2017.
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