Bank of America announced on Tuesday that it would be raising its minimum wage to $25 an hour by 2025 and will now require its U.S. vendors to pay employees at least $15 an hour.

"Bank of America’s increase to paying $25 per hour builds on the company’s history of being an industry leader in establishing a minimum rate of pay for its U.S. hourly employees. Since 2010, the company’s minimum hourly wage will have increased by more than 121%," the company said in a press release.

The banking giant noted that in March of last year it had raised its minimum wage to $20 an hour, one year ahead of schedule. According to Bank of America, more than 99 percent of its U.S. vendors currently earn at least $15 an hour because of its wage policies.

“A core tenet of responsible growth is our commitment to being a great place to work which means investing in the people who serve our clients,” Sheri Bronstein, chief human resources officer at Bank of America, said. “That includes providing strong pay and competitive benefits to help them and their families, so that we continue to attract and retain the best talent.”

Bank of America's announcement comes as renewed calls for raising the minimum wage have risen. During his first joint address to Congress, President Biden called for a $15 federal minimum wage.

"The guys and women on Wall Street ... didn’t build this country. The middle class built this country. And unions build the middle class," Biden said during his address. "And that’s why I’m calling on Congress to pass the Protect the Right to Organize Act, the PRO Act, and send it to my desk to support the right to unionize. By the way, while you're thinking about sending things to my desk, let’s raise minimum wage to $15."