BofA Raises Minimum Wage to $25 an Hour, Reaching Its Goal (1)

Bank of America Corp. will increase its minimum wage to $25 an hour next month, the final step in a long-term goal the company set several years ago.

The move bumps pay up from $24, a level put in place last October, the company said Tuesday. It translates to a full-time annualized salary of more than $50,000 and applies to all full-time and part-time hourly positions in the US. The change continues a series of hikes lifting the firm’s base pay from $15 in 2017.

“What that gives a teammate is a chance to join our company, spend their whole ...