Bank of America is extending pandemic benefits for employees who need child- or adult-care services.
Through the end of the first quarter, workers will be reimbursed $75 or $100 a day to pay caregivers, depending on the employee’s compensation, according to a memo to staff. The second-biggest U.S. bank is also boosting the number of days employees can use backup facilities or in-home care in 2021 to 50 from a previous 40.
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Bank of America’s expenses have climbed as its 211,000 employees navigate surging virus cases, unpredictable school arrangements and prospects for a
“It’s both the right thing to do and the practical thing to do,” Bronstein said in an interview. “If your 5-year-old is running around, it’s impossible to answer the phone to customers or be productive. And we really felt it was a balance of both trying to invest in our teammates and helping them through a very difficult time.”
The company spent about $600 million on measures such as increased cleaning, the provision of personal protective equipment, supplemental and overtime pay, as well as meals and transportation. The extra-benefits programs are being assessed in 90-day increments given the evolving situation, she said.
Here are other takeaways from Bronstein:
- About two-thirds of employees tapping child-care benefits were women. “There’s truth to women opting out of the workplace during the pandemic or leaving for child-care reasons, and I’m really happy to report that our attrition is at a record low,” Bronstein said. “These benefits and the approach we’ve taken have really helped to keep all of our parents working, but men and women in equal amounts.”
- About 75% of staff using the care benefits earn $100,000 or less, she said. That qualifies them for the higher daily reimbursement level. “This is really aimed at our front-facing employees that are serving our customers every day in financial centers and call centers, our operations people — and that’s where the majority of the usage is,” Bronstein said.
