Supporting teammates’ physical, emotional and financial wellness
We are committed to supporting our teammates’ and their families’ wellbeing by offering flexible and competitive benefits.
Our Industry-Leading Sabbatical Program
As part of our commitment to be a great place to work, the Bank of America Sabbatical Program recognizes employees who have built their career with us. This milestone service anniversary program provides eligible employees the opportunity to take 4-6 weeks additional paid time off every five years. Sabbaticals begin at 15 years of continuous service and may be taken up to two times throughout their career. This unique opportunity is designed to help employees recharge, reinvest in life priorities, and support emotional well-being.
Our approach to physical wellness is built on the things we can do to help address health risks and manage health care costs for our teammates, including robust health and insurance benefits and wellness resources. Between current U.S.–based teammates and their families and retirees, we are responsible for providing comprehensive health, insurance and wellness benefits to nearly 400,000 people.
- Since 2012, there has been no increase in medical premiums for teammates earning less than $50,000. And since 2016, teammates who earn $50,000 to less than $100,000 have only seen a 2% increase. For all teammates, we vary the medical premium contribution by annual pay level, with larger company subsidies for those earning less. Also, our average contribution increases since 2012 have been at or below national health care trends.
- Teammates are encouraged to complete wellness activities —and receive a $500 credit to their annual medical plan premium.1 If the employee’s spouse/partner also completes these activities, this credit is increased to $1,000. More than 86% of employees and their spouses/partners complete the wellness activities annually.
Based on guidance from the CDC, medical boards and health authorities regarding the coronavirus, we have worked to limit the risk of exposure to support our teammates’ physical wellness.
- For teammates working in the office, we have provided temperature checks, conducted enhanced workplace cleanings, provided health and safety supplies (such as face masks, gloves and hand sanitizer) and installed wellness barriers.
- We provided washable cotton face masks to every employee’s home to help protect them and their families.
- We provide ongoing access to our comprehensive benefits and resourcesfoot note1 — many of which have been expanded in response to the coronavirus, including: no-cost coronavirus testing and related office visit charges, enhanced back-up childcare and adult care services through which teammates can secure their own back-up care without pre-approval, Teladoc® 24/7 access to general medicalfoot note2 and behavioral health consultations at no cost and waived refill waiting periods for home delivery of prevention prescription medication.
Supporting employees fighting cancer and its stigma
As part of our ongoing focus on supporting teammates’ physical and emotional wellness, Bank of America focuses on preventive healthcare and makes MSK Direct available to U.S. teammates, their family members and friends. This custom cancer support program, offered through the Memorial Sloan Kettering Cancer Center, includes expedited appointments with MSK specialists, coordinating care and more. Earlier this year, Bank of America, along with many other large employers, signed on to Publicis’s Working with Cancer pledge in support of creating a more open, recovery-forward culture for employees with cancer.