Major U.S. Company Increases Its Minimum Wage to $24 An Hour

This year, a few companies have gone ahead and increased their starting hourly pay rate for their employees.

Aldi, Hobby Lobby and now you can add Bank of America to that list. Bank of America is the second largest banking establishment in America, and they are sharing their wealth with those who choose to clock in daily.

Bank of America just announced and put into effect a $24 an hour wage for all full and part-time hourly employees on their payroll.

This went into effect on Oct. 1 and is only a slight increase from their already high $23 an hour starting pay.

Bank of America has stuck to their goal of getting their minimum wage to $25 an hour by 2025. The median wage for bank tellers in the U.S. was $18.10 per hour in 2023, according to the Bureau of Labor Statistics.

Currently, at $24 an hour, a 40 hour work week would net you $960 a week, which equals $49,920 before taxes, according to the trusty iPhone calculator.

Bank of America wants to keep their pay range above the poverty line, which was just updated by the U.S. Census bureau to $30,900 for a family of four.

It’s pretty depressing to note that our federal minimum wage in America has been $7.25 for the last 15 years.

Since the feds aren’t budging on that, it’s in the hands of companies that want to hire top-tier talent and are willing to pay some extra cheese to get it.