As reported by CNBC, Target is doubling its bonus payments to salaried employees as its profits recover.
Salaried employees will receive an annual bonus, based on Target’s performance and the eligible amount set as part of their compensation. The retailer will pay 100% of employees’ eligible annual bonus amounts for the most recent fiscal year, a company spokesperson said Thursday. That is an increase from 50% in the prior year.
Target will pay out the annual cash bonuses in late March. The vast majority of Target’s approximately 415,000 employees, such as those at its stores and warehouses, are paid hourly and do not qualify for the bonuses. Yet it does offer bonuses to store and supply-chain leaders, along with many corporate employees. Top executives at Target have a different bonus structure.
Australia Extends Government-Funded Parental Leave to Six Months
New parents in Australia will be entitled to six months of government-funded parental leave from 2026, up six weeks from current levels, according to Bloomberg.
Entitlements will rise incrementally by two weeks per year until 2026, under legislation which passed the Senate on Monday, with one month of leave entitlement to be reserved for partners.
The government said it hoped to encourage fathers to take on more caring responsibilities.
The leave is paid at the national minimum wage to parents who have a combined income of less than A$350,000 ($230,000) a year.
The government also recently announced that workers who receive paid parental leave from the government will also get a mandatory pension entitlement for that period, from July 2025.
Volkswagen Workers Seek Union Vote at Tennessee Plant
Volkswagen employees in Tennessee who are hoping to join the United Automobile Workers (UA.W) asked a federal agency on Monday to hold an election, reported the New York Times.
The union said Volkswagen workers had filed a petition with the National Labor Relations Board asking for a unionization vote after a “supermajority” of the 4,000 eligible workers at the plant had signed cards supporting the UAW.
In a statement on Monday, Volkswagen said it would “fully support” an election giving every employee a chance to vote on union representation. “We respect our workers’ right to a democratic process and to determine who should represent their interests,” the company said.
Chattanooga workers have voted on UAW representation twice before (in 2014 and 2019), and slim majorities rejected unionization both times.
Average Wall Street Bonus Falls Slightly
The average Wall Street bonus fell slightly last year to $176,500, as the industry added employees and took a “more cautious approach” to compensation, New York state’s comptroller reported Tuesday.
The Associated Press reported the average bonus for employees in New York City’s securities industry was down 2% from $180,000 in 2022. The slight dip came even as Wall Street profits were up 1.8% last year, according to the annual estimate from Thomas DiNapoli, the state’s comptroller.
Though down slightly, the average bonus for 2023 was still far more than double the average annual pay of U.S. workers, which was just under $70,000 last fall, according to federal data.
Editor’s Note: Additional Content
For more information and resources related to this article see the pages below, which offer quick access to all WorldatWork content on these topics:
