Bank of America to Give Parents Backup Childcare Payments Through December

Bank of America Corp. will extend backup childcare payments for parents of children as old as 12 through the end of the year.

Starting Sunday, eligible employees can get daily childcare reimbursements of $75 or $100, depending on their compensation. There’s no limit on the number of days employees can claim while they’re working from home or in the office through Dec. 31, according to a memo sent to employees.

“Teammates can continue to hire your own childcare, including friends or trusted caregivers, when you’re working for Bank of America during your regular workday,” the bank said in the memo. “This includes ongoing needs for childcare as children head back to school in different formats, and regular childcare while ongoing providers are unavailable.”

A company spokesperson confirmed the contents of the memo.

Employees have used the program to arrange for more than one million days of care for children or adult family members, accounting for more than $100 million in reimbursements, according to the memo.

The bank plans to add more internal resources for parents, including tools to find childcare and webinars on virtual learning. It will also help employees get access to discounted childcare and tutoring.

©2020 Bloomberg L.P.

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