Bank of America Corp. (BofA) is raising the pay of its U.S. employees that earn less than $100,000 a year and adding reimbursements for a portion of electric-vehicle purchases, a spokesperson said Tuesday.

Base salaries for employees, who have been with the firm since 2021 or earlier, will rise as much as 7%, according to a Bloomberg report, which was then confirmed by a spokesperson.

The size of the raises, which start at 3% and will kick in next month, will be based on how many years each employee has worked at the company, according to the report.

The bank will also give employees, who have served at least three years and have annual salaries of less than $250,000, a one-time reimbursement of $4,000 towards the purchase of an electric vehicle from July, Bloomberg reported.

The second-largest U.S. bank by assets has been aggressively raising wages as inflation in the United States hovers at a 40-year high, raising prices for food, healthcare and rent, which, in March, hit the highest level since 2006.

In January, the bank gave around 97% of its employees special compensation awards, most in the form of restricted stock units.

Last year, the bank pledged to pay its workers at least $25 an hour by 2025, the highest minimum wage of any big retail bank. It has also begun requiring its vendors to set a minimum wage of $15 an hour.