One of the world’s largest financial institutions Bank of America launches New Sabbatical Program and under this new initiative, it provides 4-6 weeks of additional paid leaves to its employees.
Commenting on this program the company said, “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.” The company added.
Supporting the Company Employees
Elaborating on the employee benefits the company said, “Life Event Services (LES) is an internal, highly specialized group that provides personalized support for major life events, including connecting employees to resources, benefits, and counseling. “
In response to the current global health crisis, LES has assisted teammates impacted by the coronavirus. Since its inception, LES has supported teammates through more than 140,000 moments that matter for needs related to the following areas:
- Leave of absence: The company supports employees who need assistance with a complex leave or guidance with a leave-related issue.
- Terminal illness: Bank of America supports terminally ill employees and their family members.
- Domestic violence: Further, the employees are supported and have connections to resources for employees impacted by domestic violence.
- Retirement: The bank supports its employees who are preparing for retirement.
- Medical accommodations: Support is provided to employees who need workplace accommodations.
- Transgender and gender identity: Its support for employees transitioning into the workplace and connections to relevant benefits and resources.
- Survivor support for managers, employees, and retirees who experience the loss of a loved one.
- Critical event support for employees who are personally impacted by an event such as a natural disaster, violence, or house fire.
- Military support for the military employees and families as they join the bank, relocate, or take military leave.
The company also provides teammates and their families physical, emotional, and financial wellness benefits. Under Physical wellness- U.S.–based teammates and their families and retirees, Bank Of America is responsible for providing comprehensive health, insurance, and wellness benefits to nearly 400,000 people.
Under Emotional wellness– the company offers Twenty-six weeks of parental leave — 16 weeks of which are fully paid for eligible teammates. Additionally, the company offers a variety of other leave options, including personal, medical, and military leaves. Full-time teammates are also eligible for 20 days of paid bereavement leave after losing a spouse, partner ,or child. And some other benefits.
Under Financial wellness, if teammates are not financially well, there is a greater chance that they may not be physically or emotionally well either. That’s why the company offers robust financial benefits focused on driving better behaviors across life priorities and the financial spectrum.
