By Elizabeth Dilts Marshall

NEW YORK (Reuters), Bank of America Corp (NYSE ) stated Monday it raised its U.S. hourly minimum wage to $22 Monday. This is a significant step towards its goal of making workers 25 cents an hour by 2025.

Since 2017, the second largest U.S. bank in assets, has steadily increased its minimum hourly wages to $15. It has also been at forefront of raising hourly base pay.[ nL4N2R227T]

The bank promised its workers a minimum salary of $25 by 2025. This is the highest minimum pay of any large retail bank.

The latest salary hike is occurring as the U.S. inflation hovers around a 40 year high. This raises prices for food and healthcare, as well rent. It was the highest point since 2006.

The record-breaking number of vacant jobs means that banks have to compete for new workers. Instead, they are prioritizing keeping their current employees.

Chief human resource officer Sheri Bronstein stated that the bank offers raises and benefits as part of its “focus on being a great workplace… to continue to attract and keep the best talent.”

The bank offered 97% of its employees in January special compensation, with the majority of these being restricted stock units.