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Bank of America Employee Benefits, Perks, Health, Retirement

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Bank of America Employee Benefits, Perks, Health, Retirement can be checked here. Check the list of Employee Benefits at Bank Of America .If anyone is here to find the details about benefits that includes maternity leave, spending accounts, dental, vision, tuition reimbursement, etc advantages provided by the organization.

The workers can access a wide range of welfare Benefits to support themselves and their families. The company always keeps in mind that its personnel is the foundation of its success. That is the reason the organization is offering an amazing benefits that can be accessed to its staff.

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Bank of America Employee Benefits

That is why it is committed to offering a variety of competitive packages and privileges that support their physical, emotional, and financial wellness both at work and at home. Its bonus packages are designed to meet the various needs of agents at every stage of their life and plan for tomorrow.

 Bank of America employee benefits
Bank of America employee benefits

Bank of America Employee Benefits

Bank of America Corporation commonly known as “BofA” is an American multinational investment bank and financial services holding company now headquartered in Charlotte, North Carolina. The Financial services Corporation was founded in San Francisco by Amadeo Giannini and took its present form when the Nations Bank of Charlotte acquired it in 1998. With more than 200,000 workers, it gives a broad range of retail and advanced banking products, and related services across the USA.

That is why The investment Bank of America is offering attractive company workers’ profits that include physical, emotional, and financial wellness. Below we had explained the associate advantages along with the workers’ disability, vacation, and Discounts offered by the Financial Services Group. Let us have a look at the following description.

Similar Employee Benefits:

Bank of America Employee health benefits

  • Medical: It offers comprehensive medical, prescription drug, dental, vision, and spending account coverages.
  • Dental: It pays 100% of covered services that do not count toward the annual maximum and is limited to two routine visits. MetLife PPO and Aetna DMO are the coverage providers.
  • Vision: It offers a yearly eye exam being 100% covered and a $125 annual credit toward the purchase of contacts or eyeglasses.
  • Prescription Drug coverage: Most general preventive prescription medications will continue to be offered to plan participants at no cost.
  • HSA: The yearly contribution is limited by IRS. Persons can put up to $3,550 in the account and for family, the contribution limit is $7,100 and for elders 55 and more it is $1,000 extra.
  • Short and Long-term Disability: For short-term disability, it replaces about 60% of income until the waiting period of three, six months, or one and two years. In the case of Long-term Disability, the wage replacement maybe 50-70% of earnings for two, five, or ten years.

Bank of America Employee perks

  • Fertility, Adoption, and infancy Support: If the workforce is enrolled in any bank’s Aetna, Anthem, or United care plans then they offer family support programs like expert pregnancy, fertility, egg freezing, adoption, surrogacy, infancy, and postpartum through an easy-to-use mobile.
  • Paid Maternity Leave: After one year of service they can take up to 16 weeks of paid maternity, paternity, and adoption leave. The parental leave gives the flexibility to take time within 12 months after a new child arrives.
  • Paid Time Off: There are three weeks of vacation and two weeks of sick time. There is a choice of purchasing an extra week of vacation.
  • Life and Accident: It offers term life to cover funeral costs, existing debts, such as mortgage payments or student loans. the accidental death and dismemberment cover for death due to an accident. The amount depends on limits set by the firm.
  • Tuition Assistance: It offers up to $5,250 annually for job-related courses or degree programs. Full-time and part-time workers who have been with the fellowship for six months are eligible.

Bank of America Employee retirement benefits

  • Childcare Reimbursement: People can receive eligible costs of care provided by formal and informal childcare providers up to $240 per month, per child.
  • Commuter: This profit allows to set aside pre-tax dollars from the person’s paycheck to pay for qualified transportation expenditures, such as a monthly train pass and parking at the station.
  • EAP: It provides counseling to manage the stress and broader emotional and mental impacts of events and uncertainty. This is confidential and available day or night, seven days a week.
  • Discounts: Servants can save on their next vacation or trip with Travel And Vacation Discounts on Car Rentals, Cruises, Hotels, Camping, Airlines, and Flights, RVs, and Resort Deals.
  • 401(K): It offers up to 5% of eligible pay in 401(k) company-matching contributions, plus 2% or 3% in annual contributions based on years of service.

The Corporation offers some Other gains to its team members and they are listed below.

  • Group Auto and Home
  • College Admission fees
  • Back-up care services
  • Flexible work schedules
  • Pre-paid legal
  • Eldercare Services
  • Ticket Purchasing
  • Life Events

Conclusion

This is all about the BofA’s members’ gains that includes different types of programs like disability, 401K, childcare, and Death, etc. Read the article till the end. If you have any queries feel free to write us the comment section. We will reply to you as soon as possible.

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