Large Company in Michigan Raises Minimum Pay to $24 an Hour

It's no secret—everything costs more these days. Whether you're buying groceries, filling up at the gas station, or even just grabbing a coffee, prices seem to be climbing higher and higher. It’s like every time you turn around, there’s another increase.

Eggs? Higher.

Rent? Higher.

You can barely walk out of a store without feeling like your wallet just got hit. It's frustrating because, at the end of the day, you still need to live, but it’s getting harder to stretch the same paycheck across all the rising expenses.

It's not just one thing, either. It’s everything—from the basics to the small treats we all need now and then to stay sane.

Large Company in Michigan Raises Minimum Pay to $24 an Hour

Bank of America is moving closer to its goal of paying U.S. employees a minimum of $25 an hour by 2025. Starting in October, they’ll raise their base pay to $24 an hour, leaving just one more dollar to reach that target.

This increase comes after their last bump to $23 an hour in September of last year. The raise will apply to all hourly positions, both full-time and part-time, across the U.S., bringing an annual salary for full-time workers to about $50,000.

While the bank didn’t specify exactly how many people would see the raise, they confirmed it would affect thousands of workers.

To put things into perspective, in 2023 the poverty line for a family of four was set at $30,900, according to the Census Bureau.

Right now, Michigan’s minimum wage sits at $10.10 an hour, which is better than the federal minimum wage of $7.25. But when you consider how much everything costs these days, it still doesn’t feel like enough.