Large North Carolina Employer Increasing Minimum Wage To $23
(Photo by Brandon Bell/Getty Images)
Great news for those job seekers in North Carolina. Today, Bank of America announced it has once again increased its U.S. minimum hourly wage. This time to $23 an hour. This is part of an intended path to have the company’s minimum hourly wage at $25 by 2025. The company will move to $23 rate in October. By the time the goal is reached in 2025, Bank of America’s minimum hourly wage will have increased by nearly $14 per hour. That’s more than 121% since 2010. Now that folk, is how you run a company. This $23 minimum wage rate equates to a minimum annual salary of just under $48,000.
“Providing a competitive minimum rate of pay is foundational to being a great place to work,” said Sheri Bronstein, chief human resources officer at Bank of America in a press release. “By investing in a variety of benefits to attract and develop talented teammates, we are investing in the long-term success of our employees, customers, and communities. Our commitment to $25 by 2025 is how we share success with you and lead the way for other companies.”
In the last six years, Bank of America raised the minimum hourly wage yearly. The company began with an increase to $15 in 2017; to $17 in 2019; to $20 in 2020; to $21 in 2021 – and to $22 in May 2022. And now a minimum wage of $23 beginning in October of 2023. While many other companies are letting workers essentially make less as a result of inflation, Bank of America is showing a commitment that I admire greatly. The company serves approximately 68 million consumer and small business clients in the United States. For any consumer, knowing that they are choosing to do business with a company that values its employees no matter what their job is reassuring. This is exactly the type of company I would feel good about doing business with.
I hope to see more North Carolina companies follow Bank of America’s lead and show their commitment to their workers.
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North Carolina City Is The Number 1 Cheapest Place To Live Nationwide
Looking for a place where you’re money is going to go farther? We all need that these days! The price of everything is going up seemingly daily, and somehow my salary is not. And while yes the cost of living in Charlotte and Raleigh is lower than many other cities nationwide, it’s not at a point where it can be described as “affordable” anymore. But while the largest cities in the state aren’t cheap, it was a North Carolina city that topped the US News list of the cheapest place to live nationwide. Who would have guessed?
So how do you determine the cheapest place to live? According to US News and World Report, these rankings are based on the median gross rent and annual housing costs for mortgage-paying homeowners of each metro area, these are the cities with the lowest cost of living in the country.
Not only did a North Carolina city top the list for the cheapest place to live nationwide another one made the top 25 list as well. And if that wasn’t good enough, two South Carolina cities also were included, back to back no less. The North Carolina locations may surprise you, they both did me. But the South Carolina ones make sense and one is actually a very trendy place to live and visit. Sometimes though you just have to pay a premium for that location.
Are you looking for a place outside of North or South Carolina to live? Some other nationwide cities recognized included Youngstown, OH, Huntsville, AL, and Green Bay, WI. Keep reading to see the four Carolina cities that made the list. You can read the full top 25 cheapest cities to live list via US News and World Report and check out the methodology here.
Melanie Day is a graduate of North Carolina State University. She has worked for Beasley since 2012 in a variety of behind-the-scenes roles in both digital and promotions. Melanie writes about a diverse range of topics some of her favorites include travel, restaurants, Taylor Swift, and college athletics. When not at work you'll find her at a country concert or NC State sporting event.