(Bloomberg) -- Bank of America Corp. is bumping its minimum hourly wage to $21, taking another step toward a goal of paying $25 by 2025.
The move, announced Wednesday, nudges pay up from $20, a level the firm had enacted last year ahead of schedule. A $21 wage translates to a full-time annualized salary of $43,680. It extends a series of hikes lifting the firm's base pay from $15 in 2017.
“Responsible growth requires that we provide a great place to work,” Sheri Bronstein, who oversees human resources at the Charlotte, North Carolina-based lender, said in a statement. “We make broad-ranging investments to attract and develop talented teammates who serve our clients and local communities every day, and who can build long, successful careers with our company.”
Read More: BofA to Raise Minimum Wage to $25 an Hour in Race for Talent
Retailers, restaurants and ride-hailing services are among businesses that have been raising pay, trying to lure or hold onto employees as the economy bounces back from a pandemic slump. Many employers are trying to staff up simultaneously, with customers returning to shop, bank and attend in-person events.
In May, Bank of America required its U.S. vendors to pay their workers dedicated to the bank at least $15 per hour.
If Bank of America hits its target for 2025, its minimum hourly wage will have climbed by almost $14, or more than 120%, since 2010, according to the firm.
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