Bank of America raises minimum wage to $24 an hour

Scott Eells/Bloomberg

Bank of America Corp. will increase its minimum hourly wage to $24 next month, taking the next step toward a goal of paying $25 an hour by 2025 that it set seven years ago.

The move bumps pay up from $23 an hour, a level the firm put in place last September, the company said Tuesday. It translates to a full-time annualized salary of about $50,000 and applies to all full-time and part-time hourly positions in the U.S. The change continues a series of hikes lifting the company's base pay from $15 a hour in 2017.

"Providing a competitive minimum wage is core to being a great place to work — and I am proud that Bank of America is leading by example," Sheri Bronstein, who oversees human resources at the Charlotte, North Carolina-based lender, said in a statement.

Data last week showed signs of softening in the U.S. labor market, with employment growth slowing and job seekers having more difficulty finding work. Still, employers like Bank of America have made commitments to raise hourly average pay in a bid to retain talent in recent years.

If Bank of America hits its target for 2025, its minimum hourly wage will have climbed by almost $14, or more than doubled, since 2010, according to the company.