Charles Schwab boosts pay, delays return to office

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Charles Schwab is instituting a pay increase for its employees in order to thank them for their "unwavering service to clients" during the coronavirus pandemic. 

A "vast majority" of the company's employees will receive a 5% increase in pay which will take effect next month, the financial services company announced Thursday. However, the pay increase doesn't apply to its executive council or colleagues participating in Schwab's incentive compensation plans. 

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Charles Schwab CEO Walt Bettinger said the company's dedication and focus during the tumultuous time "resulted in outstanding results for our clients and growth for the company." 

During the first half of 2021, the firm's core net new assets reached a record $257.0 billion, more than doubling its results during the same period in 2020. The company also opened 4.8 million new brokerage accounts, Charles Schwab said. 

"This increase is a way to reward our talented employees for their contributions and their relentless commitment to see the world through clients' eyes, even during the most challenging times," Bettinger said.

A man wearing a face mask walks past a Charles Schwab sales office near Grand Central Terminal.  (John Lamparski/SOPA Images/LightRocket via Getty Images / Getty Images)

In addition to the bonuses, Charles Schwab is also delaying a full return to the office until at least January 2022.

The move, also announced Thursday, comes as the company works to address "pandemic concerns and provide workplace flexibility for its employees." 

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Currently, employees can work from home, but they also have the option to return to the office on a voluntary basis, the company said. 

When the company fully reopens its offices, it will implement a hybrid work model.

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