I have heard several Directors and Sr managers say "Schwab does the right thing" and give hits that because we are only a few weeks from the Jan 1st cut-off date for bonuses, that they believe/know that Schwab IS giving the bonus anyway. Can anyone confirm?
Do people get screwed and cut only a week or two before the bonus cut-off date, and leave everyone else that stayed behind questing if Schwab did the right thing, or are we all getting a bonus, regardless?
https://cdle.colorado.gov/dlss-home-page/wage-and-hour-law/bonuses/commissions
For all of you telling me that employers aren't required to pay bonuses when laying off an employee, please read this. It is different in other States and might not be applicable to all.
I got screwed out of the bonus before, it is totally discretionary. Per policy, yes, you might be eligible if still employed by 12/31 (if severance), but your manager can and probably will tell you that you s*ck and you get nothing. Ask me how I know.
You can find the actual information on this in MyHr under "Corporate Bonus Plan & Quarterly Advances". There's a section at the bottom called "Severance" that provides specific info on this subject.
@mqk+1p1cv7zN Oh the irony...you don't have to be employed the date bonuses are PAID, you need to be employed 12/31 of that year to be eligible for your bonus to be paid come March.
Source: read the actual policy before speaking as fact
It's not "legally required" for them to pay out your bonus. Per the policy, you must be an employee in good standing the date the bonus is paid out. If you are laid off, and your notice period ends before the bonus is paid out, you are not an employee on the date the bonus is paid. Please, for the love of God, do not believe everything you read on here. You may end up sorely disappointed (even more than you already are).
@zmk+1p1cv7zN you are 100% wrong! In the event of severance, 12/31 is the only date that matters.
Not sure where the January 1 speculation is coming from. You’ve always had to have been employed as of the bonus issue date (in march) to receive a bonus. I’d take everything you read on these threads with a grain of salt.
If this company has even a shred of feigned decency, goodwill, respect for the past, risk mitigation, or hope in its future viability, a bonus will be paid to the departing. If not, god help those that remain 😂
The layoff entails being employee on the books for 60 days before the "layoff" starts. They call this 2 month timeframe the "notification period" and allows them to announce layoffs to employees the same day as filing their federal announcement.
if the notification period starts Nov 1, then the first day of actual layoff is Jan 1 - of 2024 - and employee would be eligible for full 2023 year end bonus since they finished year as employee.
IF notification period begins prior to Nov 1 (sometime in next couple weeks) then the "layoff" would begin in December and employee MIGHT not be eligible for 2023 annual bonus.
I went through the severance process with a role elimination as part of the TDA merger a few years back and did have a provision in my paperwork that stated that Schwab would still pro-rate my bonus payout based on 100% target despite not being on the payroll at the time of bonus season. The funds are already allocated and feel like they would rather pay out then deal with a lawsuit or other issues on the backend for whatever this may be worth.
@dtn+1p1cv7zN Can you elaborate on what you mean by soon? this week, next week, this month, next month etc?
I can testify that my former manager was let go in 2022 and they DID get their 2023 bonus. Take that for what it is worth.
It's legally required they pay you the bonus. They aren't "doing the right thing."
You’re seriously thinking that the same company that refuses to pay your bonus AT ALL if you are NOT an employee on the actual day the annual bonus is supposed to be paid, is going to do you a solid now? Keep dreaming.
And you have to be employed on the day bonuses are paid - in March, to receive it. That is current policy.
Having been a Schwabie for many years I can say without a doubt you will not see a dime of bonus money if you are cut before the deadline.