Minimum Wage

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.

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.

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.

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.

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.

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…

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…