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Bank of America plans to set the minimum wage for all positions at the company to $25 an hour by 2025. The bank will also mandate that vendors it does business with pay their employees at least $15 an hour. The bank says 99% of its vendors are already in compliance at that level.
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The administration also plans to eliminate the tipped minimum wage for federal contractors by 2024, effectively raising it to $15 from the current level of $7.65.
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The federal $1.9 trillion stimulus bill did not include a measure to raise the federal minimum wage. North Carolina, like 21 others that set state-level minimums, is as low as federal law allows: $7.25, unchanged since 2009.
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The Senate parliamentarian informed lawmakers that a plan to gradually increase the federal minimum wage to $15 by 2025 does not fit the complicated rules that govern budget bills in the Senate.
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Novant Health on Wednesday announced it’s raising its minimum wage from $12.50 per hour to $15 per hour. The Winston-Salem-based health system said the change takes effect in January and is expected to benefit more than 2,000 team members, including nearly 1,300 in the Charlotte area.
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Revenues and profits at Bank of America fell during the fourth quarter amid a sharp drop in interest rates at the end of the year. But CEO Brian Moynihan…
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There’s been good news on the Charlotte wage front in the past couple of years: Some of the city’s largest employers have announced significant minimum…