Thread regarding Charles Schwab Corp. layoffs

My spouse was laid off from another Fortune 500 company last year, and they paid him his bonus as part of his severance package about a month before he would have received it as an employee.

The bonus thing is not rumor. Walt himself already confirmed in the Q&A session this Monday that those laid off will still be eligible to receive their bonus. In the case of the layoffs, it doesn't matter when they happen. If leadership has decided that those impacted will still be eligible it doesn't matter what the official company policy is. They have made an exception for this case. Period.

Sorry to break it to you, but you are half correct. To get ABO (annual bonus), you are correct that you must be empolyed on a positon that qualolifes for tge program on Dec 31, but you must ALSO be employed by the company on the date it is paid (mid-March).

If it is Green employees raising the potential of getting paid bonus if you are on the books on 12/31, perhaps they are just hopeful because that's how the TDA bonus worked. At TDA, if you were an employee on 12/31 and left on 1/2, you would get your bonus when it was paid in mid February. And since meets expectations paid at 100%, you would likely get all or close to all of your target.

It's probably unlikely that will be the case with this layoff.

Looking at some of these posts, where the poster is for certain that you will get an annual bonus just because you are employed as of 12/31, is comical. Sweet Louise, please take the wheel.

@jeq+1p4Rfhj2
Really good analysis there. Seriously, thanks for that. You are a keeper for sure.

@awg+1p4Rfhj2
We got a real smart one here.

@mrf+1p4Rfhj2 "I'm honestly surprised people on this forum are so stupid that they cannot research such a simple thing"

Please do not call people stupid, that's very rude. Besides, you are wrong. On the Corporate Bonus statement page (the severance details are at the bottom of the page) it clearly states you need to be in good standing and employed on 12/31 to be eligible to get the bonus. The keyword is "eligible"

Lets assume you make it to Dec 31. And then are let go, or you voluntarily quit after Jan 1. So let me get this straight. Some of you believe you will still get paid your bonus sometime in mid March, because:

1. You will continue to finish your self-assessment
2. You manager will do your self-assement
3. Your management team will be fighting for some dollar amount requested for you in the form a bonus, going "remember that person that used to be here, but we let go, or quit...."

Yeah. Makes perfect sense. This is more dysfunctional then Congress right now.

@mrf+1p4Rfhj2
Your surprise at the stupidity level is due to the Green folks that have a reading disability, wishful thinking syndrome, or/and are just confused.

The below statement is 100% incorrect.

"Corporate bonus plan states that an employee must be employed on 12/31 AND the pay date in March… not sure where the confusion is coming from."

The corporate bonus plan actually states that you must be "an employee in good standing on the date the bonus is paid". It doesn't matter if you are here on 12/31, you are not going to get your bonus. Why do you think most people leave Schwab after the bonus is paid? If the above statement was true people would resign effective January 1st and still get their bonus. That's just not the case. I'm honestly surprised people on this forum are so stupid that they cannot research such a simple thing. I'm also just as surprised that people don't even understand how their own bonus plan works...lol

You are all over thinking this. IF, and this is a big IF, the EC wants to pay out annual bonus for impacted employees, they don't need to wait for layoffs to happen so you land on 12/31 as the last day. The EC can make an exception and just declare all impacted employees get paid X% of their annual target bonus. I am not convinced that they even want to do this, as it does not save money. Again, the EC has the power to make these exceptions.

Some are thinking big bonus but could it be the November payout? Is there a certain date you have to be employed to get that one? It will happen soon and can’t have us roll into the new year especially when you think of all the healthcare benefits kicking in. This journey has been tough.

It is going to be November ,easy to understand, the high earners who in this case are decision makers dont want to get half a million dollar plus severance packages paid this side of the year, so it has to be November 1st and after, nothing will happen for test of the October, we van all stop guessing now, the high earners are making the decisions and they dont care if you are losing your mind or nobody is working now, it is all about money, time to wake up!

Also being employed by 12/31 does not guarantee bonus, makes you eligible for it, again leadership team will decide, the may give you 0-100 percent of your target,

No. A new month means everyone gets another X days of vacation - which ultimately has to be paid out after 60 days. 10/31 is the last possible day.

Not sure where the confusion is coming from? Try this. They want to save money, and paying out bonus to layed of femployees does NOT save money. That does NOT save money. Once again, it does NOT save money. Don't understand where the wishful thinking is coming from.

Do we know if there will be bonus next year?

Corporate bonus plan states that an employee must be employed on 12/31 AND the pay date in March… not sure where the confusion is coming from.

They are. And they’ll still butcher it by giving laid off 100% bonus and retained 70% based on sh---y company performance

Oh my goodness. I know you all have wishful thinking. But they are not looking to pay us our bonus as part of the severance. Trust me. I know.

Only reason not to think that week is it is right before a massive client migration. Everything else points to then though and your logic is sound.