Bank of America raises minimum wage to $24 an hour

Bank of America will increase its minimum hourly wage to $24 next month, taking the next step toward a goal of paying $25 by 2025 that it set seven years ago.

The move bumps pay up from $23, a level the firm put in place last September, the company said Tuesday. It translates to a full-time annualized salary of about $50,000 and applies to all full-time and part-time hourly positions in the U.S. The change continues a series of hikes, lifting the firm's base pay from $15 in 2017.

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"Providing a competitive minimum wage is core to being a great place to work — and I am proud that Bank of America is leading by example," Sheri Bronstein, who oversees human resources at the Charlotte, North Carolina-based lender, said in a statement Tuesday.

Data last week showed signs of softening in the U.S. labor market, with job growth slowing and job seekers having more difficulty finding work. Still, employers like Bank of America have made commitments to raise hourly average pay in a bid to retain talent in recent years.

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If Bank of America hits its target for 2025, its minimum hourly wage will have climbed by almost $14, or more than 121%, since 2010, according to the firm.