(Bloomberg) -- Bank of New York Mellon Corp. plans to raise its minimum wage 12.5% for US employees, the company’s third boost in three years.

The hourly rate will rise to $22.50 from $20 starting March 1, the bank said in a statement Friday.  

“We want our employees to feel valued and know that they are being compensated competitively,” Sharyn Jones, the firm’s global head of talent, said in the statement. “It’s important that we continue to attract and retain top talent.”

Employers are responding to a resilient labor market amid mixed signals about its strength. Bank of America Corp. increased its minimum hourly wage to $23 in October — another step toward a goal of paying $25 by 2025. US employment costs unexpectedly accelerated in the third quarter, though wage gains have cooled. The unemployment rate, while still historically low, has started to tick higher.

Read More: Bank of America Raises Minimum Wage to $23 on Way to $25 an Hour

BNY Mellon also expanded mental health resources for employees as part of a new program designed to provide more personalized access to mental health support for staff and their families. Included in the program, which launches in 2024, employees will be able to get as many as 12 no-cost therapy sessions annually, an increase from the five currently available. 

Other employee initiatives include the expansion of a program that offers stock to all eligible new employees as of November 2023.

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