As of early 2026, a $ 25.00 per hour minimum wage is not a federal standard, but rather a private sector benchmark adopted by companies like Bank of America for U.S. employees. While some proposals seek to raise state minimums toward this level by 2031, others warn it could lead to higher prices and reduced staffing in sectors like restaurants. Bank of America raised its minimum hourly wage for U.S. employees to $ 25.00 in September 2025, continuing a trend of increasing wages from $ 17.00 in 2017.
Proposals, such as Senate Bill 5578 in Washington, have explored raising state minimum wages to $ 25.00 per hour by 2031, which proponents argue would support over a million workers. Small businesses, particularly restaurants, express concern that a $ 25.00 minimum wage could lead to layoffs, reduced hours for workers, and higher prices, with some owners calling it potentially disastrous.
The federal minimum wage has remained at $ 7.25 per hour since 2009, with many states operating with higher minimums (e.g., Florida reaching $ 15.00 in 2026, and Illinois already at $ 15.00.
Lawmakers in Maryland are considering the contentious “Living Wage Act for All.” If successful, the state’s minimum wage would spike to $25 an hour – up from the current $15 – by 2030. It would raise workers’ minimum wages to the highest rate in the nation. The changes if passed would affect food chains including Texas Roadhouse, Taco Bell, McDonald’s and Chipotle, all of which have multiple outlets in the state...
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