Bank of America Enhances Employee Benefits as Part of Being a Great Place to Work
New global Electric Vehicle Program for employees to buy or lease new all-electric passenger vehicles
We’ve rolled out a new global Electric Vehicle Program in which teammates who purchase or lease a new all-electric passenger vehicle on or after July 1, 2022 can receive $4,000 after making a new purchase and $2,000 after starting a new lease. We also offer employee discounts on home electric vehicle chargers, residential solar and Zipcar® car-sharing.
In addition, we are more than doubling Electrify America ultra-fast charging stations at our financial centers, intending to grow to more than 350 chargers at over 90 financial centers by the end of 2023. These are just a few examples of how we are focused on improving the environment through our global business strategy, our work with clients and partners, our sustainable operations, risk management and governance, and our support of teammates as environmental stewards.
U.S. minimum hourly wage increase to $22 in our next step toward $25 by 2025
We recently announced that we are again accelerating our path forward on our U.S. minimum hourly wage for employees. We will move to $22 in June, ahead of schedule, and further on our stated path to $25 by 2025. This move builds on our history of being a national leader in establishing a minimum rate of pay for U.S. hourly employees. In the last five years, we have raised the minimum hourly wage to $15 in 2017; to $17 in 2019; to $20 in 2020 — and to $21 in October 2021. The latest increase will increase annualized salary for full-time employees to more than $45,000.
Salary increases for U.S. teammates making less than $100,000, based on years of service
We also announced salary increases for U.S. teammates with annual total compensation of less than $100,000. The percentage increase for eligible employees will range from 3% to 7%, increasing with years of service. This move recognizes and reinforces our appreciation for employees’ years of service, and is in addition to performance year pay increases; Sharing Success stock awards; and other equity awards for employees across our compensation ranges.
New industry-leading, company-wide sabbatical program to recognize tenure at the company
As we continuously evaluate our resources in response to the needs and feedback of our employees, we launched a new industry-leading sabbatical program recognizing tenure at the company at certain career milestones, beginning at an employee’s 15-year milestone. The program, launching early in 2023, provides employees with the opportunity to take 4-6 weeks off to reinvest in their priorities in life.
As we continue to invest in our teammates and communities as part of being a great place to work, we are helping employees thrive and contribute to the resilience of our local economy.