Bank of America Corporation ( BAC ) shares are climbing as the company announces a bold wage hike, driving its minimum hourly rate to $24 and edging closer to a $25 goal by 2025.

“Providing a competitive minimum wage is core to being a great place to work — and I am proud that Bank of America ( BAC ) is leading by example,” said Sheri Bronstein, chief human resources officer.

This increase will raise the minimum annual salary for full-time U.S. employees to almost $50,000 and applies to all full-time and part-time hourly roles.

This decision continues Bank of America’s tradition of leading the nation in setting minimum wage standards for U.S. hourly workers.

In the last seven years, Bank of America ( BAC ) raised the minimum hourly wage from $15 to $24 in 2024. As a result, the starting salary for full-time U.S. employees will have increased by nearly $20,000 since 2017.

Also Read: Private Employment Grows By 99,000 In August, Sharply Misses Forecasts Of 140,000: ‘The Labor Market Overall Is Softening’

According to Benzinga Pro, BAC stock has gained over 38% in the past year. Investors can gain exposure to the stock via First Trust Nasdaq Bank ETF ( FTXO ) and Invesco KBW Bank ETF ( KBWB ) .

Price Action: BAC shares are trading higher by 1.60% to $40.10 premarket at last check Tuesday.

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