Banking Industry Joins Growing List of Companies Offering Vaccine Incentives

Strategic Insights -

As the COVID-19 pandemic continues to rage on, a growing number of companies are taking proactive measures to encourage their employees to get vaccinated. The banking industry has recently joined this list, with Wells Fargo, JPMorgan Chase, Citigroup, and Bank of America announcing that they will pay their workers to get inoculated with the COVID vaccine. This move follows a trend of companies offering various incentives to workers for getting vaccinated, ranging from paid time off to free rides to appointments.

Key Takeaways:

  • Wells Fargo will pay employees up to eight hours of paid time off to receive the vaccine, as well as offer free coronavirus testing at 25 locations.
  • JPMorgan Chase and Bank of America will also pay employees up to eight hours of time off to accommodate a COVID vaccine appointment.
  • Citigroup is offering a more generous incentive, providing "whatever paid time away from work is reasonably necessary to travel to and get the vaccine."
  • Other companies offering vaccine incentives include Aldi's, Amtrak, AutoZone, Best Buy, Chobani, Darden Restaurants, Dollar General, Instacart, Kroger, Lidl, Marriott, McDonald's, Publix, Starbucks, Target, Trader Joe's, and Tyson Foods.
  • According to the Centers for Disease Control and Prevention, over 54 million people have received one or more doses of the COVID vaccine, with over 27.7 million people receiving two doses of either the Moderna or Pfizer-BioNTech vaccine.

Statistics:

  • 54 million people have received one or more doses of the COVID vaccine (CDC)
  • 27.7 million people have received two doses of either the Moderna or Pfizer-BioNTech vaccine (CDC)
  • 4 major banks (Wells Fargo, JPMorgan Chase, Citigroup, and Bank of America) are paying employees for COVID-19 vaccination

Sources:

  • "Covid-19 vaccine side effects: Here's what the CDC says you can expect" by IB Times (https://www.ibtimes.com/covid-vaccine-side-effects-heres-what-cdc-says-you-can-expect-3148700)
  • "Wells Fargo urges staff to get vaccines, gives time off to do so" by Bloomberg (https://www.bloomberg.com/news/articles/2021-03-04/wells-fargo-urges-staff-to-get-vaccines-gives-time-off-to-do-so)
  • "Wells Fargo to offer employees paid time off for COVID vaccine appointments" by Fox News (https://www.foxbusiness.com/lifestyle/wells-fargo-to-offer-employees-paid-time-off-for-covid-vaccine-appointments)
  • "Covid-19 Data Tracker" by Centers for Disease Control and Prevention (https://covid.cdc.gov/covid-data-tracker/#vaccinations)