Everyone who works at Bank of America will soon make at least $25 an hour, the company announced Wednesday.

Amazon is also raising pay for people who work in its fulfillment centers and in transportation to more than $23 an hour, on average, and paying for more of their health care costs. That adds up to around $50,000 a year for full-time employees.

Bank of America first announced it would get all of its workers to at least $25 an hour by this year back in 2021.

“That was a time when we had a very tight labor market, workers were hard to find,” said Arin Dube, a professor of economics at University of Massachusetts Amherst and author of the forthcoming book “The Wage Standard.”

Dube said Bank of America and other companies responded by raising wages.

“I think we are seeing that the labor market, while it's getting less tight, still is generating wage growth,” he said, as companies try to stay competitive.

Michael Strain, an economist at the American Enterprise Institute, said turnover is expensive and being able to attract — and keep — the best workers tends to pay off.

“Paying wages that are on the high end of the market will allow them to get some of the most productive workers who they can. And so that's great for them, and it's great for those workers,” he said.

​Announcing these latest wage increases is also kind of a PR move, said Ben Zipperer, senior economist at the Economic Policy Institute.

“They are pretty much signaling the kind of wage increases that we're seeing most companies in the United States making,” he said.

​Bank of America and Amazon are bumping wages up by about 4% this year, which is in line with the national average.

Still, Zipperer said, $25 an hour is not a bad starting salary. 

“That is close to the median wage in this economy. So what they're announcing is that these are kind of like middle-class jobs,” he said.

About 67 million people — nearly half of workers in this country — earn less than $25 an hour.