Bank of America Corp. is increasing its minimum hourly wage to $22, taking another step toward a goal of paying $25 by 2025, as employers beef up compensation and benefits in a tight labor market.

The move, announced Monday, bumps pay up from $21, a level the firm had enacted last year within its planned schedule. A $22 wage translates to a full-time annualized salary of $45,000. It continues a series of hikes lifting the firm’s base pay from $15 in 2017.

“We continue to invest in our teammates and their priorities through competitive pay,” in addition to benefits and ...

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