What You Need to Know
- Schwab is giving most employees a 5% pay raise in recognition of their performance during the pandemic.
- The firm is delaying a full office return for its staff until January 2022, at the earliest.
- Net new assets for the first half of the year more than doubled from the year-ago period.
Charles Schwab is giving its employees a special 5% pay increase to reward their performance during the COVID-19 pandemic.
The raise is being given “in recognition of their unwavering service to clients and each other throughout the pandemic,” the firm said on Thursday.
Schwab also said that because of “current circumstances, the firm has delayed a full Return to Office until January 2022, at the earliest.” For now, employees can continue to work from home or return to the office on a voluntary basis, it said.
Once back in the office, Schwab employees will have additional workplace flexibility, based on a hybrid work schedule, it said. Employees will also have the ability to work with their managers to determine an approach that works for their individual situations, should they need more flexibility.
The special pay increase will be applied to the “vast majority” of Schwab’s employees, effective in late September. The raise, however, will not apply to the company’s executive council or colleagues participating in Schwab’s incentive compensation plans, it said.