On Wednesday, September 20, 2023, Bank of America made a major announcement that most likely made a lot of its employees happy. According to an article published by The Charlotte Observer, the NC-based bank plans on raising its minimum wage.
According to the article, the minimum hourly pay rate will go up to $23 next month. However, Bank of America doesn't plan on stopping there - it plans to increase the hourly pay rate to $25 by 2025.
Sheri Bronstein, the chief human resources officer at Bank of America, released a statement saying, "Providing a competitive minimum rate of pay is foundational to being a great place to work". The minimum wage in NC is currently $7.25 per hour.