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Bank of America raises its U.S. minimum wage to $24 an hour

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9 new laws will go into effect beginning in July


9 new laws will go into effect beginning in July

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Bank of America is closing in on its objective of paying its U.S. workers a minimum of $25 an hour by 2025, increasing its base wage to within a buck of that goal starting in October. 

The step represents an increase from a $23 hourly rate set last September, the Charlotte, North Carolina-based bank said Tuesday. The $1 hourly boost, which will apply to all full- and part-time hourly jobs in the U.S., brings a full-time annualized salary to roughly $50,000. 

BofA declined to say how many workers would get the pay hike, telling CBS MoneyWatch that it would be in the “thousands.”

The poverty threshold for a family of four in 2023 was $30,900, according to data released Tuesday by the Census Bureau. 

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Bank of America has steadily lifted its minimum wage in recent years.

Bank of America Corp.


BofA, the nation’s second-largest bank, embarked on increasing its hourly base seven years ago, lifting compensation for its lowest-paid workers to $15. The company’s minimum wage has more than doubled since 2010, when it stood at $11.30 per hour.

The company’s annual hikes have the bank paying its lowest-paid workers more than three times the federal minimum wage, which has not budged from $7.25 an hour for the last 15 years. 

Labor advocates launched the “Fight for $15” campaign in 2012 to put pressure on employers to raise their pay. More than 30 U.S. states now require employers to offer minimum wage in excess of the federal base, Department of Labor data shows. 



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Sen. Van Hollen says Biden is “not fully complying with American law” on Israeli arms shipments

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Sen. Van Hollen says Biden is “not fully complying with American law” on Israeli arms shipments – CBS News


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Democratic Sen. Chris Van Hollen of Maryland, who last week backed Sen. Bernie Sanders’ bill to block U.S. sending arms to Israel, told “Face the Nation with Margaret Brennan” that President Biden ” is not fully complying with American law” on sending arms to Israel.

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Rep.-elect Sarah McBride says “I didn’t run” for Congrees “to talk about what bathroom I use”

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Rep.-elect Sarah McBride says “I didn’t run” for Congrees “to talk about what bathroom I use” – CBS News


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Rep.-elect Sarah McBride, the first openly transgender person to be elected to Congress, tells “Face the Nation with Margaret Brennan” that as Republicans have sought to put forward a bathroom ban in the Capitol, she “didn’t run for the United States House of Representatives to talk about what bathroom I use.”

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11/24: Face the Nation – CBS News

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11/24: Face the Nation – CBS News


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This week on “Face the Nation with Margaret Brennan,” Sens. Rand Paul and Tammy Duckworth discuss President-elect Donald Trump’s Cabinet picks after a busy week on Capitol Hill. Plus, Rep.-elect Sarah McBride, the first openly transgender person elected to Congress, joins.

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