Minimum Wage

Bank of America announced a U.S. minimum hourly wage increase to $25, effective early October 2025, impacting thousands of employees and fulfilling its $25 by 2025 pledge. This translates to over $50,000 annually for full-time employees. The company emphasizes career advancement opportunities, comprehensive benefits, and significant investment in employee development, contributing to economic growth. The move may pressure other financial institutions to raise wages and could impact Bank of America’s future performance.

South Korea’s minimum hourly wage will rise to ₩10,320 ($7.80 USD) in 2026, a 2.9% increase. The minimum monthly wage will be ₩2,156,880 ($1,630 USD). Despite this, high living costs, especially for food items like watermelons (averaging $25 USD) and napa cabbage (up 68% monthly), significantly impact purchasing power. Many low-income Seoul residents struggle to save, and the middle class faces similar challenges compared to some Chinese workers. This illustrates the tension between wage growth and rising expenses.

As of July 1, 2025, China has updated its minimum wage standards, varying across provinces and municipalities. Most regions use a tiered system. Shanghai leads with a monthly minimum wage of RMB 2,740, and Beijing with an hourly rate of RMB 26.4. Minimum wage adjustments directly affect income distribution and improve employee benefits like overtime pay and social security contribution bases, benefiting the broader workforce.