Bank of America said it was boosting pay for bank tellers by $400 a month and reducing daily work shifts by at least two hours amid the widening coronavirus epidemic.
"In our financial centers nationwide, eligible employees will continue to be paid for their regular, full weekly schedule, even if their hours are adjusted to less; and eligible employees actively working in the financial centers will receive a special supplemental payment of $200 per pay period," the bank said in a Friday memo to employees.
The pay increase was approved by CEO Brian Moynihan and will remain in place for the duration of the coronavirus crisis, said a person with knowledge of the plans.
Bank of America, the second-biggest U.S. bank by assets, joins rival JPMorgan Chase in boosting pay for parts of its workforce that, due to the nature of their jobs, cannot work from home. The Charlotte, North Carolina-based lender has encouraged most employees who can work remotely to do so, leaving branch tellers and call center personnel among the only workers required to work from company sites.
Starting Monday, Bank of America plans on trimming the hours of operation at its 4,300 branches to 10 a.m. to 4 p.m., the person said. Most of its stores are typically open from 9 a.m. to 5 p.m. or 6 p.m.
The bank also said that call center and other support personnel who need to work from offices will get paid double overtime beyond 40 hours a week.
Bank of America said last year it was raising its minimum wage to $20 an hour and freezing health care costs for lower-paid workers.
The Trump administration has recommended that people avoid gatherings of more than 10 people, and an increasing number of local governments around the country are shuttering non-essential businesses to reduce the transmission of coronavirus.