(Bloomberg) -- Bank of America Corp. will increase its minimum hourly wage to $23 next month, taking another step toward a goal of paying $25 by 2025, as employers respond to a strong labor market.

The move bumps pay up from $22, a level the firm put in place last year, and translates to a full-time annualized salary of about $48,000. It continues a series of hikes lifting the firm’s base pay from $15 in 2017.

“By investing in a variety of benefits to attract and develop talented teammates, we are investing in the long-term success of our employees, customers and communities,” Sheri Bronstein, who oversees human resources at the Charlotte, North Carolina-based lender, said in a statement Wednesday.

While the US labor market is still strong and wages are rising, the gains are coming at a slower pace than last year. And lower-income workers continue to enjoy greater pay increases than higher earners, according to the Federal Reserve Bank of Atlanta’s wage growth tracker.

Amazon.com Inc. said Tuesday it will boost average pay for logistics personnel to about $20.50 an hour as it seeks to recruit and retain workers amid a labor shortage.

If Bank of America hits its target for 2025, its minimum hourly wage will have climbed by almost $14, or more than 121%, since 2010, according to the firm.

Read More: BofA Ups Minimum Wage Once More on Way to $25 an Hour

--With assistance from Molly Smith.

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