Any update or news on this topic? Do you really think we get a bonus?
I cannot imagine getting a bonus, although we are eligible, same managers sho decided to let people go have the power to control the bonus pool, so I think we will get nothing!
22 replies (most recent on top)
I received an email yesterday saying that I was only going to get 50% of my allotted bonus x 90% for branch employees. This makes no sense, I already filed a case with HR.
And, regarding taxes, plan on 30% withheld: 22% federal w/h (the supplemental rate) and appx 8% for SSN and Medicare. If you have state income tax that would be on top of the 30%
Previous post, it is not going to be pro rated and partial, Laid off employees were officially Schwab employees for entire 2023, period.
Don't book that trip to Dubai yet. The bonus is taxed at max rate as unearned income, and people here say it will be only a partial payout due to the layoff date of Oct 30, so not a full year. Should be enough $ for a beer or two though. And some McNuggets. Maybe rose for the wife. :)
Talked to HR payout is March 8; could not tell me an amount or % at this time. Payslip will be mailed out.
Does any know the date of the payout...since most of us have to request a response from HR....and don't have access to know anything in advance to plan life, like amounts etc. Appreciate any in house knowledge of payout date.
The bonus will be prorated to last day worked which is Oct 30th.
So maybe this is 60% ish mark funded.
I’ll take it and be thankful since they didn’t have to do that at all and I’ve moved on
I video taped my layoff notice. Manager told me I was getting my bonus… I’m assuming this happened to others and there are other tapes. Would be awkward if it wasn’t true
Laid off employees getting the full funded amount does make sense, we net out even. The existing employees are subject to the normal process of less bonus for most to give the fewer higher rated employees more.
Stinks to get less but you have a chance to get more if you get a higher than Met rating. Seems the valid complaint would be about that logic which is how it’s been forever at Schwab. Some who were laid off were tracking toward a higher than met rating for sure. Ultimately, laid off employees’ payouts aren’t affecting existing employees anyway so hopefully no hard feelings.
73% is the average.. which means 50% of the employees get less than that.. in reality 75% of the employees get a bit less for the 25% to get a decent more.
It makes no sense that the lower performers which we're impacted to get more than. 75% of the company
I reached out to HR. It's 73% funding but rep stated at this time they don't have the amounts yet for those laid off.
Bonus payout was announced at 73%, where in the world you got the 10% difference?
Bonus payout announced. Laid off employees won’t get the full portion though. Little birdie with the 10% discount.
To the posts about 66% and 73% minus 10%, where do you get those numbers? Joking? Guessing?
You’ll get the 73% allocation. PL have no say, it’s being done by HR.
73% with a 10% discount
This is the first I’m hearing that managers can object. But also my manager was laid off in addition to me lol. So I don’t know who would object even if it is an option. Maybe the director. Oh well.
66%
People leaders have no say in this FYI.. all HR
I really hope you are right about laid off employees getting 73 percent of their target, what a relief it will be in this tough market.
Let go staff gets 100% of their eligible bonus (so 73%). There is no review or assessment.
Managers have an option to reject (0%), however, this is rare and the company would open themselves up to litigation and bad faith.
Enjoy the 73% in March and don't worry.
I hope my fellow PLs are thoughtful and fair based on performance.