Inflation has impacted nearly all businesses, individuals, and families in Michigan and the U.S. While Michigan recently raised its minimum wage, several companies have announced wage increases above the state's minimum. One major company in Michigan has been added to the list of employers helping provide workers a livable wage beyond the bare minimum.

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Major Company In Michigan Raises Minimum Wage To $24 An Hour

Michigan’s minimum wage increased this year from $10.10 to $10.33 per hour and is set to rise again in 2025 to $12.48 an hour. However, popular retail chains in Michigan such as Aldi and Hobby Lobby have recently announced minimum wage increases to attract and retain employees. America's second-largest bank has now raised pay to $24 an hour and plans to increase that pay by 2025.

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Bank of America is one of the nation's largest financial institutions with dozens of locations in Michigan. The company continues to share its success with its employees with a pay increase. According to CBS, Bank of America will now pay employees $24 an hour for all full-time and part-time hourly jobs. This is an increase from a $23 hourly rate set last September. That brings a full-time annualized salary to nearly $50,000.

The decision reflects the bank's commitment to providing competitive compensation in a challenging economic landscape, where many workers face rising living costs. The company is closing in on its objective of paying its U.S. workers a minimum of $25 an hour by 2025.

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