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3/31, 7:53 PM (Source: TeleTrader)
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BofA commits to no layoffs this year, raises minimum wage

Bank of America hired more than 2,000 new employees in March and it will not be doing any layoffs or job reductions in 2020 due to the pandemic, vice chairman of the bank Anne Finucane told CNBC on Tuesday.

The company also raised the US minimum hourly wage to $20, one year earlier than previously announced. In addition, it is keeping critical benefits for its workers, such as a 40-hour workweek, paid sick leave and paid time off, along with enabling access to and giving allowances for child and elderly care.

To support its workers amid pandemic, the bank said they will be paid for a full weekly schedule even if their hours have been reduced. Also, those going to the office or working more than 40 hours a week will receive a double hourly base pay rate.

Breaking the News / SR