Eligible branch employees at Bank of America will earn an additional $200 every two weeks, Bloomberg reports. Furthermore, the bank will pay call center and operations employees twice their regular pay for overtime work rather than the time-and-a-half they typically earn for overtime, according to the news service, which cites a company memo.
The company is also shortening weekday branch hours but intends to pay affected staff for a full weekly schedule, Bloomberg writes.
JPMorgan, meanwhile, will make two special payments of $500 each in April and May to branch staff and operations and call-center employees earning less than $60,000 in annual cash compensation, according to the news service. The payments are meant to help the workers “face particular challenges related to issues like childcare and transportation,” JPMorgan’s operating committee said in the memo to staff last week, Bloomberg writes.
Last week, JPMorgan announced that it is temporarily closing around 20% of its branches and shortening hours at those remaining open to protect staff from the spread of the virus. Staff at branches that were closed or whose hours were cut will still get paid for their regular shifts, the company said, according to Bloomberg.
JPMorgan also said that it would give all its employees an additional five paid days off, the news service writes, citing the memo from the operating committee.
Branch employees and call center and support staff are among the 70% of U.S. workers unable to work from home, Bloomberg writes.
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