Bank of America Ends Pandemic Pay—Business As Usual
Bank of America Ends Pandemic Pay—Business As Usual
Bank of America has officially discontinued the additional pay offered to select employees who were loyal and worked throughout the early months of the coronavirus pandemic. This even though the financial giant saw profits in the billions of dollars so far this year.
Earlier in the year, in March, Bank of America offers an increase in both branch employees and call-center representatives bi-weekly pay by $200.
Those same workers received a notice last month that the institution termed “enhanced pay” would end in October. As such, an unnamed source privy to the announcement has confirmed that the pay program has indeed canceled.
Popular Information obtained a copy of the email where Bank of America informs its employees that they will “transition our compensation plans to be more business-as-usual once again.”
The email also stated that “the $200 special supplemental pay and special enhanced overtime pay programs” will be discontinued and disappear.
Although many of Bank of America’s call-center employees have been working from home, most of the company’s branch employees have continued to work on-site at most neighborhood locations.
Confirmation was obtained that all full-time employees saw their extra payment end on October 23rd, whereas part-time employees received the last of their enhanced payments on October 16th.
In a public statement earlier this year, Bank of America pledged that they would not be laying off any of its employees concerning the coronavirus pandemic.
However, at the same time, the company did not publicly announce the ending of the enhanced pay. When contacted on Tuesday, a bank spokesperson declined any comment on the financial giant’s decision to halt the program.
During the first three quarters of this year, Bank of America reported significant profits of $12.5 billion on revenues of more than $65 million.
This past summer, Bank of America head, Brian Moynihan, was named “CEO of the Year” by Chief Executive magazine. Moynihan issued a statement, thanking the employees “who come to work every day to drive responsible growth by serving our clients.”
The discontinued $200, which the company introduced in the spring, was part of a somewhat broader supplemental compensation program issued by the bank. The initiative included the reimbursement to employees of $100 each day for both child and eldercare.
According to the company’s data, Bank of America employees has made use of their benefit an estimated 1.7 million times.
Is this just the beginning of other companies discontinuing any type of enhanced pay they may be offering?