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LEVITTOWN, NEW YORK - MARCH 16: An image of the sign for Bank of America as photographed on March 16,2020 in Melville, New York . (Photo by Bruce Bennett/Getty Images)

Good news for many Charlotte and NC workers! Bank of America announced today, Wednesday, that it has raised its minimum wage to $21 per hour for its U.S.-based employees. The company has pledged to increase minimum pay to $25 an hour by the year 2025. They announced that plan in May of this year. This places them as the highest wages among their competitors. The next closest figure is $15 per hour. The wages were previously at $20 up from $15 four years ago. This is in stark contrast to the federal minimum wage which is $7.25 and a hotly debated topic. Supply of and the increased competition to attract and retain workers has most companies paying well above that amount.

Source Investing.com