PROVIDENCE – Bank of America Corp. recently announced it would distribute cash bonuses and restricted stock units to eligible employees worldwide.
In a letter to company workers on Jan. 21 shared with media outlets, Bank of America Chairman and CEO Brian Moynihan shared the financial rewards that will be distributed in the first quarter as a sign of appreciation for company efforts.
Eligible employees who earn less than $100,000 annually will each be paid a $750 cash bonus, according to the letter. Those who earn between $100,000 and $500,000 will receive 150 to 750 restricted stock units based on their compensation tiers. Roughly 97% of employees worldwide will be eligible for the compensation.
The bonuses and stock compensation are intended to build upon the Shared Success cash and stock awards, which have been distributed on an annual basis to eligible employees since 2017.
The company also increased its minimum hourly rate from $17 to $20 per hour in 2020 and has continued to offer benefits and support such as COVID-19 testing, transportation and meals for those who work in an office setting and child care, Moynihan stated in the letter.
Nancy Lavin is a staff writer for the PBN. Contact her at Lavin@PBN.com.
