Bank of America is rewarding its over 1.7 lakh staff worldwide, including over 24,000 in India, with a cash award of USD 750 each to those earning under USD 1 lakh in annual compensation for the appreciation of their work through the pandemic.
Called 'delivering together' compensation awards, the bank expects over 97 per cent of its employees to get the special one-time cash bonus.
In an internal memo sent to the employees worldwide, which has been accessed by PTI, Bank of America chief executive Brian Moynihan said in appreciation for the outstanding efforts, the management team and board have decided to recognise employees with 'delivering together' compensation awards.
During the first quarter of 2021, all eligible employees with USD 1 lakh or less in annual total compensation will be paid a cash bonus of USD 750 each. Those in the US will receive this award in late February and those outside the US will receive the payment in March, Moynihan said.
He pointed out that these awards build on the shared success cash awards of USD 1,000 and related stock awards announced to employees in the fourth quarter of 2017, 2018 and 2019.
Moynihan also expects almost 97 per cent of employees who he calls as teammates will receive the delivering together award.
In addition, all eligible teammates with greater than USD 1 lakh to USD 5 lakh in annual total compensation will receive a grant of 150-750 restricted stock units, based on their compensation tier.
This stock award from March will be delivered in equal payments over four years starting 2022.
He said these awards are in addition to any regular annual incentives that eligible employees may receive.
This move is the next step our company is taking to significantly invest in health, safety, benefits and other resources to support you during this global health and humanitarian crisis, he said.