Bank of America (BAC.US) announced that starting next month, the minimum hourly wage for employees will be raised to $25, achieving a long-term goal.

Bank of America Corp (BAC.US) will raise its minimum wage for employees to $25 per hour next month, marking the culmination of a long-term goal set by the company years ago. On Tuesday, Bank of America Corp announced that the minimum wage will be increased from $24 per hour set in October last year. By this standard, full-time employees will earn over $50,000 per year, and this policy applies to all hourly positions within the United States. This is a continuation of a series of wage increases by Bank of America Corp - in 2017, the minimum wage was only $15 per hour. Based in Charlotte, North Carolina, Bank of America Corp's Chief Human Resources Officer Sheri Bronstein stated in a statement, "The new minimum wage allows employees to 'build a long-term career path at Bank of America Corp.' Competitive pay is one of the many ways we help drive economic growth and create job opportunities in the United States." Data provided by Bank of America Corp shows that since 2010, its minimum wage standard has increased by nearly $14, a growth of over 121%.