A Boston consulting group plans to create a new minimum annual salary of $60,000 for full-time employees starting in March.
Benchmark Strategies president Patrick Bench said the company first considered setting the salary minimum as a way to attract workers before the pandemic.
But Bench said the move is even more important now, with high inflation and employee turnover.
"We saw that launching this minimum salary level, $60,000, could lead to better not only financial health, but also as a result, better physical health and mental health as well," Bench said in an interview.
Bench said he hoped other companies in the Boston area would follow suit.
Benchmark has just 10 full-time employees, including three who will see immediate raises.
Some other bigger employers are boosting pay as well. Bank of America says it plans to boost its minimum wage to $25 an hour by 2025.