Bank of America is raising its hourly minimum wage to $22 — here’s how many people don’t even come close to pay like that

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The $22 hourly rate is more than triple the federal minimum wage of $7.25, which lawmakers last increased in 2009.

Bank of America workers are getting a pay bump at the end June when minimum wages climb to $22 as a part of the major bank’s longstanding plan to get its starting rate to $25 by 2025.

It’s good news for the bank’s workers at a time when inflation keeps increasing the cost of living. Bank of America BAC has almost 166,000 U.S. employees and approximately 15% will see larger paychecks due to the minimum wage increase, a spokeswoman said. An estimated 51.9 million American workers are earning less than $15 an hour, according to Oxfam, a global poverty charity. There are more than 150 million non-farm employees working in America, according to Bureau of Labor Statistics data compiled by the Federal Reserve’s Bank of St. Louis.“Bank of America announced the increase from $21 on the same day gas prices broke a new national average record yet again.

In 2022, workers were poised for minimum wage hikes in 25 states. California reached $15, the highest statewide minimum wage, though Seattle, Wash., set its rate at $17.27. That still leaves a large swath of states where the minimum hourly pay is $7.25 due to state law or application of federal law, according to the Department of Labor.

 

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Mhmm *sips tea quietly ☕️👀

choptopmoseley I learned last night they are even worse than Wells Fargo. They had to pay the largest civil settlement ever: $16.65 billion.

This is understandable, banking is one of the high-paying industries.

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