Bank of America boosts hourly pay to $24 amid teller shortage

Bank of America has announced a significant increase in its minimum hourly wage to $24, moving closer to its goal of $25 by 2025. This decision is part of the company's ongoing commitment to providing competitive wages, which is seen as essential for attracting and retaining talent in a challenging labor market. The wage hike will elevate the annual salary for full-time employees to nearly $50,000, benefiting both full-time and part-time hourly workers. Over the past seven years, the bank has raised its minimum wage from $15 to $24, marking an increase of almost $20,000 since 2017. This initiative reinforces Bank of America's position as a leader in setting wage standards for hourly workers across the United States, reflecting its dedication to employee welfare and corporate responsibility. The announcement has positively impacted the bank's stock performance, indicating investor confidence in the company's strategic direction amidst a competitive labor landscape.