Bank of America has announced a raise in its minimum wage for employees to $24 per hour, up from $23, effective in October. This marks the seventh consecutive year of wage increases, with a commitment to reach $25 by 2025. The bank’s move comes as federal data shows a median pay rate of just over $18 per hour for bank tellers, with projected vacancies in the industry. Bank of America’s raise will impact thousands of employees and increase the minimum full-time salary to nearly $50,000.
