Minimum wage hikes have long been a controversial matter in our nation’s political scene. Democrats continue to tout increases in the minimum wage as vital to uplifting middle class families. Republicans, on the other hand, see these hikes as destructive policies that will lead to fewer jobs and higher prices.
While the federal minimum wage stands at $7.25 per hour, states and business are embracing various increases of their own. One of the latest companies to announce a minimum wage hike is none other than Bank of America.
What to know about the pay bump for Bank of America workers
In 2021, the financial services company revealed its plan to reach a $25 minimum wage by next year. As things currently stand, Bank of America is well on its way. Earlier today, the public learned of the company’s minimum wage moving to $24 from $23.
Full-time employees are also getting a pay increase. Moving forward, they’ll receive a minimum annual salary of $50,000. Given this minimum wage hike, even part-time employees with Bank of America will see an increase in their salaries.
