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CHARLOTTE, N.C. – Bank of America announced plans Tuesday to boost its hourly minimum wage to $25 by 2025.

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In a news release outlining the next phase of wage increases, the company also stated that vendors will be required to pay workers at least $15 per hour as part of the new structure.

Tuesday’s news follows on the heels of the Charlotte, North Carolina-based firm’s push to increase minimum hourly pay for its employees to $20, which it completed in March 2020.

Sheri Bronstein, Bank of America’s top human resources officer, stated in the release that a “core tenet of responsible growth” is the firm’s “commitment to being a great place to work which means investing in the people who serve our clients.”

“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,” Bronstein added.

According to the news release, Bank of America’s minimum hourly wage has increased by more than 121% – or by nearly $14 per hour – since 2010.

Bank of America is the second-largest U.S. bank by assets after JPMorgan Chase, CNBC reported.