5 Companies Giving Pay Raises in 2025
Written by
Choncé Maddox
Edited by
Zuri Anderson
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In a competitive job market, salary increases are an important way for organizations to attract and retain top talent. As a job seeker, it’s also crucial to know which companies are willing and able to increase compensation especially if you’re experiencing increased living expenses and other financial responsibilities.
According to a recent survey conducted with 168 U.S. companies, at least 74% of U.S. companies are expected to increase pay by an average of 3.5% to 3.9% in 2025. But some companies are stepping up in a big way, going beyond standard percentages to reward employees with more significant pay bumps.
Here are five companies that have committed to meaningful salary increases in 2025, and how they’re taking the initiative to support their workforce.
1. Costco
Costco announced it will increase hourly pay to over $30 for its full-time U.S. store workers by the end of 2025. This change marks a substantial $1 yearly increase for top-tier employees over the next three years. Additionally, entry-level positions will rise to $20 per hour — a 50-cent increase from 2024, ensuring wages remain competitive across the retail industry.
This move follows union negotiations, highlighting Costco’s mission to fairly compensate its workforce and maintain its reputation as an employer of choice. With these pay hikes, the company aims to outpace competitors in the retail sector in terms of both wages and benefits.
2. Cameo
Cameo, the celebrity video messaging company, is offering a $10,000 raise to employees who report to their Chicago headquarters four days a week. On top of the salary boost, workers receive free meals, parking and access to an on-site gym, emphasizing the company’s commitment to offset the demands of an in-person work schedule.
Cameo’s CEO described this as an effort to make office attendance “a perk, not a punishment,” leveraging pay increases to motivate employees to reconnect and collaborate in person. It’s a bold strategy designed to strike a balance between flexibility and workplace innovation.
3. Bank of America
Bank of America announced it will raise its U.S. minimum hourly wage to $25 by 2025. This year, the wage will hit $24 per hour, bringing the starting annualized salary for full-time employees to approximately $50,000.
Since 2017, Bank of America has increased its minimum hourly pay multiple times, marking a nearly $20,000 bump in starting salaries for full-time positions.
4. American Family Insurance Group
American Family Insurance announced a wage increase to $25 per hour, taking effect in January 2025. The decision impacts roles across various departments, from customer service and claims to administrative roles.
American Family also offers excellent benefits, including increased paid parental leave (up to 16 weeks for mothers and 8 weeks for all parents), flexible work arrangements and robust training and development opportunities.
5. Walmart
Walmart is one of the largest private employers in the U.S. By 2025, Walmart is increasing the starting base pay for market managers from $130,000 to $160,000. The company says it will also increase the annual stock grant for market managers from $75,000 to $100,000. A Walmart spokesperson told Axios that the base pay and stock increase combined could bring the total compensation for this role to more than $600,000.
For entry- and mid-level positions, Walmart has also pledged to continue increasing wages, ensuring they remain one of the industry leaders in employee compensation. This is part of Walmart’s strategy to strengthen its workforce amid labor challenges and growing demand.
Final Take To GO
The business landscape is evolving, with many companies taking bold actions to adapt to workforce demands. Whether you’re a current employee, a consumer or on the hunt for a new job, it’s worth noting which organizations are prioritizing wages to meet the changing economy.
Stay informed and you may find yourself part of an organization that values not only performance, but also the well-being of its people.
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