Minimum wage

BofA is taking the next step toward a 7-year-old goal of paying $25 an hour by 2025.

The credit card issuer’s move will increase the pay of more than 5,000 employees. Numerous banks have recently raised their minimum wages in a competitive labor market.

The Indiana-based credit union increased its starting pay for the second time in two years as part of a push to boost compensation that began in 2017.

The Eugene-based institution joined a small but growing number of credit unions that have raised their entry-level pay in recent years.

The tight labor market and public pressure to raise minimum wages are expected to nudge noninterest expenses upward in a year when the watchword is cost control.

Businesses scaled back investment plans in the third quarter, but consumers continued borrowing; the bank now plans to raise its minimum wage to $20 in 2020.

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The Cincinnati regional bank says it will spend an extra $15 million a year to offer more competitive pay that it hopes will attract talented front-line employees.

The Raleigh, N.C.-based institution said it also has more than 500 employees.

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The Indiana-based institution has increased its starting pay for the last three years.

The institutions are boosting pay at a time when the national unemployment rate has fallen to its lowest level in decades.

Raises for the rank and file have fueled investor complaints that banks aren’t keeping a lid on expenses. Executives say the pay increases have lowered turnover and improved customer service.

With higher entry-level pay becoming more common, credit unions must determine whether to follow the lead of the select employer groups they serve.

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Readers react to an argument about reining in banker pay, weigh the push for raising the minimum wage, respond to Wells Fargo getting back into the private-label securities market and more.

Currently, the vast majority of bank tellers are female and most don’t earn a living wage.

The North Carolina-based credit union will increase its starting pay to more than double the federal minimum wage.

The North Carolina-based credit union is the latest to increase starting wages as part of the nationwide push to ensure all workers are paid a living wage.

The Florida-based credit union is one of several that have begun raising employees' entry-level pay as part of the nationwide push toward a living wage.