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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