November 24, 2009 | Read Time: 1 minute
Bank of America is trimming its employee matching-gift program, a move other companies have made during the economic downturn.
According to the Charlotte Business Journal, the financial-services corporation will no longer match the donations made by former employees who retired from the company. The Journal said the bank matched up to $5,000 in gifts made by its retirees.
A spokeswoman told the newspaper that the decision was prompted by the bad economy and the fact the large company has a growing number of employees.
A Chronicle survey in July found that other companies have made similar moves. Ten businesses reported that they reduced or cut their employee matching-gift program.
Some corporate-giving experts have said companies are likely to trim matching gifts in the future, though they expect such programs to continue because they are important to employee morale.
Read The Chronicle’s corporate-giving survey. (A paid subscription or temporary pass is required to view the survey.)
