Bank of America Raising Minimum Wage to $25 Per Hour

After raising its minimum wage to $20 per hour last year, Bank of America (NYSE: BAC) said it will hike the starting pay to $25 per hour by 2025 as it seeks to "attract and retain the best talent." According to the Bureau of Labor Statistics, the average hourly wage for a teller, typically among the lowest-paid employees in a bank, is $15.85, already more than double the national minimum wage. Over the past four years, it raised the minimum hourly wage to $15, then increased it again to $17 in 2019, and last year raised it to $20, one year ahead of schedule.