PORTLAND, Maine — Beginning in October, Bank of America will increase its starting pay to $25 per hour for all new and current full-time and part-time employees.

The nationwide increase is part of the company's initiative to raise starting pay to $25 per hour by 2025. The company has been incrementally increasing the starting pay by $1 since 2018.

Currently, the state's minimum wage is set at $14.65. It will increase to $15.10 at the start of next year.

In November at state and local elections, Portland residents will also vote on whether to increase the city's minimum wage to $19 per hour by year 2028.

With BOA's new pay increase, the company's employees will make a starting pay that far exceeds the minimum wage pay in every state in the country, and the bank's starting wage is $10.35

See Full Page