The financial services giant addressed employee welfare and economic well-being on numerous fronts in 2020. BofA saw through a previous commitment to increase its U.S. minimum hourly wage to $20—doing so a year ahead of schedule. The company made sure to help working parents during a stressful time, providing 3 million days’ worth of backup child and adult care and investing $300 million in care reimbursements for employees. High-risk workers were reassigned to roles they could perform remotely during the pandemic, while BofA continued to pay wages and salaries to those unable to work remotely. And the bank’s employee relief fund provided more than $6 million in grants to those experiencing emergency financial hardships.
Courtesy of Bank of America
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