BofA raises US minimum hourly wage to $25, delivering on 2021 commitment

Group 1 - Bank of America has raised its minimum hourly wage to $25, fulfilling its 2021 pledge [1] - The bank has increased its minimum hourly pay by nearly 67% since 2018, with the previous minimum wage being $24 [1] - The new minimum annualized salary for full-time employees will exceed $50,000 [1] Group 2 - The wage increase comes amid a challenging U.S. labor market, characterized by slow job gains and rising unemployment [2] - Lower-income households are particularly affected by labor market weaknesses, with their after-tax wages rising at the slowest pace since 2016 [2] Group 3 - The higher starting salary aims to support employees in developing long-term careers at Bank of America [3] - The increase will take effect in early October and will apply to all full-time and part-time hourly positions in the U.S. [3]