CU SoCal announces bonuses to lessen pandemic's economic impact

Register now

Credit Union of Southern California in Anaheim will give each employee $1,000 to help offset any financial hardships they experience related to the coronavirus pandemic.

All employees, including temporary workers, will receive the benefit, the $1.7 billion-asset credit union said in a press release on Friday. The institution had previously announced that workers would receive 80 hours of paid sick leave during the outbreak.

Dave Gunderson, president and CEO of Credit Union of Southern California

“In my more than two decades with CU SoCal, we have not laid off a team member. We remain passionate about continuing that tradition,” Dave Gunderson, president and CEO, said in the press release. “However, the spouses and adult children of some CU SoCal team members are beginning to experience reduction in work hours at their jobs, and it’s likely that some households will experience layoffs in the near future due to the dramatic decline in business activity.”

CU SoCal joins a number of other institutions to offer similar payouts to staffers, including Truist, Chase and more. It is believed to be the first credit union to offer this sort of benefit.

Credit Union of Southern California said it was also calling its senior citizen members for wellness checks and to see if employees can assist them with buying groceries and other items.

Much of American life has been halted as officials have closed schools, canceled large gatherings and asked people to stay home in an effort to slow the spread of COVID-19. Some workers are facing layoffs or a loss of income from a related economic slowdown.

California Governor Gavin Newsom on Thursday issued a shelter-in-place order for residents across the state.

Tuesday's hearing on the CARES Act was dominated by bickering over Treasury's decision to shut down the Fed's emergency lending facilities, drowning out pleas from some lawmakers for more aid.
2h ago
3 Min Read
With COVID-19 cases soaring, a growing number of banks, including JPMorgan Chase, U.S. Bancorp and Capital One, have pushed back target dates for bringing employees back to offices. Some are even allowing them to work from home indefinitely.
4h ago
6 Min Read
The latest bipartisan plan to accelerate the economic recovery would appropriate roughly $300 billion for the Paycheck Protection Program, but the legislative package still faces long odds in the divided Congress.
4h ago
2 Min Read

For reprint and licensing requests for this article, click here.
Coronavirus Bonuses and incentives Employee benefits Workforce management Employee engagement Employee relations Employee retention PTO policies
MORE FROM AMERICAN BANKER