Bank of America gives special pandemic bonus to 97% of its 1.7 lakh staff

Mumbai: Bank of America is rewarding its 1.7 lakh-plus staff worldwide, including over 24,000 in India, with a cash award of USD 750 each to those earning under USD 100,000 in annual compensation for the appreciation of their work through the pandemic.

Called 'delivering together' compensation awards, the bank expects over 97% of its employees to get the special one-time cash bonus.

In an internal memo sent to the employees worldwide, 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 100,000 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.

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.