Bank of America ups minimum wage to $22 per hour as next step to 2025 goal

Bank of America Corp. is raising its minimum wage to $22 per hour in June. The wage hike is part of Charlotte, North Carolina-based BofA’s (NYSE: BAC) plan to increase the minimum wage to $25 per hour by 2025, a goal CEO Brian Moynihan announced about a year ago. BofA said the hike will increase annualized salary for full-time employees to more than $45,000.