MEMPHIS, Tenn.– Bank of America announced Monday it is raising its U.S. minimum hourly wage to $22 per hour.

With the wage increase, the company’s annualized salary for full-time employees comes out to more than $45,000.

In May, Bank of America announced that all of its U.S. vendors must pay their employees dedicated to the bank at or above $15 per hour. In the last five years, Bank of America raised the minimum hourly wage to $15 in 2017, $17 in 2019, $20 in 2020, and $21 in October 2021.

Bank of America said it plans on increasing the minimum wage to $25 per hour by 2025 — an increase of nearly $14 per hour since 2010, according to a press release.