Happy employees share a billion dollar bonus!

Bank of America Corp has set up an attractive additional incentive program for all its employees, according to which they will be given billions of dollars worth of shares, and the generous distributions come amid fierce competition among financial companies to attract or retain employees.

The incentive, in addition to regular compensation, is due to employees who earn up to $500,000 a year, according to a note from CEO Brian Moynihan, and this will cover about 97 percent of the bank's global workforce.

Bank spokesman John Yanakopoulos said this is the fifth year in a row that the company has paid out a compensation incentive to employees, totaling $3.3 billion so far.

 “Our engagement incentive is one of the many ways we invest in our teammates,” Moynihan wrote, according to Bloomberg and reviewed by Al Arabiya.net.

Each eligible employee will receive between 65 and 600 shares, the employees will be given the full value in March, and the shares will be due for sale in equal annual payments for 4 years beginning in 2023.

 Chief Financial Officer Alistair Borthwick said on a call to discuss fourth-quarter results last week that the company will be "very competitive" as banks compete for the best talent.

The memo revealed that part-time employees in selected international locations will receive a cash bonus of $750 or its equivalent in local currencies for each country.

The bonus follows Bank of America's record profit of $32 billion for 2021.

The company raised the minimum wage to $21 an hour in 2021, and is targeting $25 an hour by 2025.

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