06:45 AM EDT, 09/10/2024 (MT Newswires) -- Bank of America ( BAC ) said Tuesday that it has increased the minimum hourly wage for US employees to $24, in line with its plan to raise wages to $25 per hour by next year.

The new raise will result in a higher minimum annual salary of $50,000 for full-time employees in the US, the company said.

The $24 per hour applies to all full-time and part-time hourly positions in the country, Bank of America ( BAC ) said.

Shares of the company were up 1.7% in recent Tuesday premarket activity.

Price: 40.11, Change: +0.64, Percent Change: +1.62