Bank of America ends supplemental pay program as COVID-19 cases spike

Despite an uptick in coronavirus cases right through the United States, Bank of America has put an finish to a $200 bi-weekly supplemental pay program presented to its workers starting in March.

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The corporate advised workers it might “transition our compensation plans to be more business-as-usual once again” and that the “$200 special supplemental pay and special enhanced overtime pay programs” would disappear on the finish of October, in line with an e mail got via Popular Information,

Although many Bank of America call-center workers at the moment are running from domestic, department workers have endured running at group places. The announcement notes that the remaining cost was once made to salaried workers on Oct. 23 and to hourly workers on Oct. 16.

Bank of America, which pledged previous this yr to not lay off any workers as a result of of the pandemic, didn’t publicly announce the tip of the danger pay. A Bank of America spokesperson declined to remark.

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The transfer comes not up to every week after Bank of America CEO Brian Moynihan gave a unique “shoutout” to department workers all over remarks at Chief Executive mag’s gala for “CEO of the Year,” an award he was once given in July.

“I want to give a special shout out to our teammates who work every day in our branches,” Moynihan stated in his acceptance speech. “From the day the crisis hit, they’ve been out there, making sure the economy runs, making sure all of you – while we were all in work from home mode – have the ability to conduct your financial affairs. And they’ve done a great job.”

During an interview with the mag in October, an afternoon prior to the supplemental program formally ended, Moynihan wired that the corporate’s “number one” precedence all over the pandemic has been to “take care of the employees.”

While the supplemental pay program has ended, the corporate gives reimbursements for childcare and elder care of $100 an afternoon for staff making as much as $100,000 a yr and $75 an afternoon for staff making $100,000 to $200,000 a yr. According to the corporate, about 1.7 million days had been reimbursed to this point.  In addition, Bank of America gives lunches for department workers and reimbursements for transportation in some spaces. The normal transportation compensation is as much as $100 an afternoon and is carried out to workers making as much as $100,000 a yr.

In the 3rd quarter, when workers have been receiving the extra bills, Bank of America made a benefit of $four.nine billion over the three-month duration finishing Sept. 30

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Bank of America isn’t the one establishment that has presented its workers supplemental pay all over the pandemic.

JPMorgan Chase presented a $1,000 bonus for front-line staff in March and Wells Fargo introduced more money bills of $200 for front-line workers in April. A spokesperson for Wells Fargo advised FOX Business, alternatively, that the $200 bills have been handiest given for 5 pay sessions from April to June.

Wells Fargo added that it continues to supply “various other enhanced benefits” to toughen its workers.

Truist Bank additionally ended their supplementaly pay program in June. However, a spokesperson advised FOX Business that the corporate has presented just about $100 million in particular COVID-19 toughen for front-line workers. These measures come with bonuses, particular reimbursements for childcare, will increase in emergency child- and elder-care advantages, enhanced onsite pay and steps to toughen wellness and circle of relatives toughen.

The corporate additionally gives no value telehealth and 100% protection of COVID-19 checking out and remedy as smartly as 10 further days of paid time without work for college closings or different child- or elder-care affects. The corporate could also be providing gear for teammates’ in-home wishes without charge from mid-October to the tip of the yr, together with caregiver seek gear, digital instructional toughen, little one care precedence and reductions, nanny placement products and services, elder care sources, and puppy sitters and housekeepers.

Eligible workers too can obtain a kid care compensation of $50 consistent with day for a restricted time-frame.

According to the newest replace via Johns Hopkins University, there are greater than eight.nine million showed coronavirus cases within the United States and greater than 228,000 similar deaths.

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