As one of the top three largest banks in USA, Bank of America offers an extensive range of banking and investment products and services. In order to provide them properly, this banking company employs more than 200,000 of workforces nationwide. All of the employees are given Bank of America employee benefits.
There is a wide range of work benefits and perks offered by Bank of America for the employees. These are mainly focusing on supporting the health and financial wellness.
In fact, the offered employee benefits take a major role to make the company reach 92% of employee satisfaction, according to annual data taken. It is much higher than the average number US companies’ employee satisfaction that’s recorded at 59%.
If you are interested in knowing Bank of America employee benefits, you may scroll down and read the following information in this article.
The article will provide further details about the benefits packages for employees, such as the health package, retirement package, and many others.
Bank of America Is a Great Workplace
As a company, Bank of America claims to commit in offering comprehensive programs of employee benefits in order to support their employees’ wellbeing in various areas. The market competitive package covers physical and financial assistances which can benefit both the employees and the company.
Bank of America employee benefits have several direct and indirect purpose, which are to:
- Support the employees’ financial and physical health.
- Provide private health insurance for the employees.
- Optimize both the investments of the company and the employees.
- Offer flexible work time planning for the employees.
- Provide stock sharing plan for the employees.
- Cultivate great employment opportunity in the future for the company.
The listed reasons above are why Bank of America is putting serious commitment to offer various competitive employee benefit programs. Moreover, it is also worth to note that their employees benefit and perks plans are specifically designed to serve the diverse needs the employees may have at different life stage.
So, whether you are a current employee or someone who puts interest in being future employee of Bank of America, it can be a wise idea to check out on the benefit package, which will be listed in the next section of this article.
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Bank of America Benefits, Perks, and Employee Discounts
The Bank of America employee benefits plans and package are meant to provide competitive compensation and recognition for the bank’s workforce. They cover plenty of areas such as physical health, financial wellness, retirement protections, and many more.
Read below to get detailed information on Bank of America employee benefits.
| Bank of America Employee Benefits | Description |
| Medical Insurance |
|
| 401(k) Plan | 100% employer’s match contribution for the first 4% of employee’s contribution. |
| Life Insurance | Life insurance that’s worth up to 1-year salary and extra benefits offered for the beneficiaries. |
| Vision Coverage | Extra discount on pairs of glasses and LASIK eye surgery for eligible employees. |
| Dental Coverage | Preventive care for dental health, dental reconstructive surgery, and orthodontia service. |
| Disability Insurance | 60% worth of employee’s base pay option for disability insurance on the long term. |
| Dismemberment and Accidental Death Insurance | Insurance for disability, dismemberment, and death. |
| Retirement Plan | Worth 5% of salary after two years. |
| Maternity and Paternity Leave | Provided maternity leaves for 13 weeks and paternity leaves for 4 weeks. |
| Flexible Spending Account | FSA benefits available for Bank of America’s full-time employees. |
| Paid Time Off | PTO benefits up to two weeks. |
| Paid Vacation | Paid vacation up to ten days may vary by location. |
| Volunteer Time-Off | Paid volunteer leaves for two days annually with manager approval. |
| Commuter Checks and Assistance | Available commuter benefits for eligible employees to eliminate expenses on daily commuting. |
| Military Leave | Paid military leaves with manager approval. |
| Employee Assistance Program | Free assistance program for the employees of Bank of America. |
| Tuition Reimbursement Assistance | Reimbursement program for education tuition fees. |
Bank of America Health Benefits for Employees
Bank of America employee benefits are provided for the employees and their family members as well. It is divided into different packages, for example, the medical plan covers coverage for basic healthcare, vision, and dental areas.
The banking company also offers basic insurance for employees’ health and life, as well as financial protection for severe accidents and death. These include basic insurance, accident insurance, supplemental life, and travel insurance. Other covered areas are including commuter expenses benefit and dependent care benefits, as you can read on the list above.
Best Employee Benefits at Bank of America
Below, you will read the list of several best employee benefits provided by Bank of America, according to the former employees at this banking company:
- Medical coverage benefits that include basic healthcare, vision, and dental plans.
- 401(k) plan with 100% employer’s match benefit for the first 4% of the employee’s contribution.
- Employee assistance program, adoption assistance, and tuition reimbursement.
- Maternity leaves up to 13 weeks and paternity leaves up to 4 weeks.
- Disability, dismemberment, and death insurance.
- Stock share purchase plan for the employee.
- Retirement benefits.
- Pension plans.
- Employee special discounts.
In general, the employee benefits provided by Bank of America have extensive range and are comprehensive, that can give advantages to both the employees and the company.
Bank of America Contact Information
- Phone Number: 800-806-7009
- Customer Support site link: www.bankofamerica.com/customer-service/
- Social Media Channel: Find Career, Facebook, Twitter, Instagram, Linked In, Pinterest
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Conclusion
Understanding the list of Bank of America employee benefits can help with your extra financial savings and reduce taxable income. Feel free to use the provided list above to obtain information about the offered benefits whether you are a current or potential employee of the banking company.