By 2025, Bank of America said that it will increase its minimum wage to $25 per hour. The company said that it will cost a few hundred million extra dollars a year. Bank of America’s minimum wage was lifted to $15 per hour in 2017, $17 per hour in 2019, and $20 per hour in March of 2020. In the first quarter of this year, the company made $8.1 billion in profit. If someone makes $25 per hour, they will earn $52,000 per year, and if someone makes $20 per hour, they will earn $41,600 per year.
That is a big 25% increase in salary. Recently, Costco increased its minimum wage to $15 per hour. Both companies’ minimum wages are much higher than the current federal minimum wage of $7.25 per hour.
Source: https://www.cnn.com/2021/05/
