(BofA) – Bank of America Is Going To Give A Cash Award Of $750 To Employees Who Earn Less Than $100,000 Annually
Bank of America has decided to award it’s over 212k employees all over the world with a cash bonus of $750. The employees who earn less than $ $100,000 annually will be getting the bonus late next month. The bank is giving the one-time cash reward for their hard work during the pandemic, announced the bank’s CEO Brian Moynihan on Thursday.
The bank has sent an internal memo to employees all over the world for their outstanding work. The award was given after the management team and the board members have decided to appreciate the hard work of the employees.
Brian Moynihan disclosed that the employees will be receiving the reward during the first quarter of 2021. The employees in the US will be giving the bonus in late February and the ones outside the US will receive the money in March.
He said that the awards were given from the shared success cash awards of $1,000 and the stock awards promised to the employees in the fourth quarter of 2017, 2018, and 2019.
As per Moynihan, the award will be received by nearly 97% of the employees who are regarded as teammates by him.
The employees who earn more than $100,000 annually will be awarded a grant of 150-750 restricted stock units, based on their compensation tier.
The employees will be receiving the stock awards in equal payments over four years. The payment will start in 2022.
He added that the employees will still receive regular annual incentives apart from the cash bonus.
He stated that the step that the company has taken is the next step ‘to significantly invest in health, safety, benefits, and other resources’ to support the employees at the time of the current ‘global health and humanitarian crisis.’