Bank of America Raises Minimum Wage to $24 on Way to $25 an Hour

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

The move bumps pay up from $23, 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 US. The change continues a series of hikes lifting the firm’s base pay from $15 in 2017.

“Providing a competitive minimum wage is core to being a ...