US Bank has announced a premium payment programme to support the critical front-line workers amidst the Covid-19 crisis.
The bank, which boasts around $495bn in assets, has decided to offer a temporary 20% hourly wage increase for these employees.
The Premium Pay Program will include more than 30,000 employees working across various operations.
The scheme will initially continue for four weeks, following which, it may be extended.
US Bank chairman, president and CEO Andy Cecere said: “Our branch, contact centre and operations employees continue to play an essential role in ensuring we remain able to provide essential banking services to our customers.
“It’s important that we recognize their extraordinary efforts while also looking ahead to supporting the long-term recovery efforts in communities across the country.”
Besides US Bank, several other American lenders have rolled out special employee bonus packages.
According to Reuters, Citigroup will offer special compensation to more than 75,000 employees globally. Most of these bonuses will be paid next month.
JPMorgan will offer a one-time $1,000 bonus to the workers stationed at the branches and call centres.
The news agency further added that Bank of America will pay an additional $200 per pay period to front-line workers along with enhanced overtime pay.
Globally, Covid-19 has infected more than 387,000 people. In the US, the number of cases have crossed 46,000.