FAYETTEVILLE, Ark. (KNWA/KFTA) — On May 23, Bank of America announced that it has raised its U.S. minimum hourly wage to $22 as a next step in the company’s plans to increase to $25 by 2025.

In the last five years, Bank of America raised the minimum hourly wage to $15 in 2017; in 2019 it rose to $17; in 2020, to $20 — and in October 2021, to $21, according to a press release. The company’s increase to paying $22 per hour, effective at the end of June, will increase annualized salary for full-time employees to more than $45,000.

“Our focus on being a great place to work is core to everything we do and underscores the role our teammates play in our success,” said Sheri Bronstein, chief human resources officer at Bank of America. “We continue to invest in our teammates and their priorities through competitive pay; industry-leading benefits and resources for physical, emotional and financial wellbeing; long-term career development tools and programs; and in our diversity, equity and inclusion efforts across the company, so that we continue to attract and retain the best talent.”

Including this raise, BofA’s minimum hourly wage has increased over 120% since 2010.