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NEW YORK: Bank of America announced plans to lift its minimum wage to $25 an hour and said Tuesday it is requiring US vendors to pay employees at least $15 an hour.

The salary hike for employees will take place by 2025, the company said. In March 2020, the giant US bank lifted its minimum wage to $20 an hour from $17 an hour.

“A core tenet of responsible growth is our commitment to being a great place to work which means investing in the people who serve our clients,” said Sheri Bronstein, chief human resources officer.

“That includes providing strong pay and competitive benefits to help them and their families, so that we continue to attract and retain the best talent.”

The announcement on vendors means more than 2,000 contracter firms and some 43,000 workers from these companies are now paid at least $15 an hour, the bank said.

The announcement is the latest by a big company to lift wages amid a tightening labor market for hourly employees following moves last week by Amazon, McDonald’s and others. Pending legislation sponsored by Vermont Senator Bernie Sanders and other progressives to lift the national minimum wage to $15 an hour has so far stalled in Congress despite support from President Joe Biden.

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