Citigroup to give some employees $1000 as coronavirus spreads

(Reuters) - Citigroup Inc will provide more than 75,000 employees globally with a special compensation award to help ease the financial burden of the coronavirus pandemic, Chief Executive Michael Corbat told staff in a memo seen by Reuters. In the United States, $1,000 will be provided to eligible colleagues who make $60,000 or less in base salary, while elsewhere the special award will be based on local market compensation levels, Corbat said in the memo on Monday.

Reuters March 24, 2020 00:11:23 IST
Citigroup to give some employees $1000 as coronavirus spreads

Citigroup to give some employees 1000 as coronavirus spreads

(Reuters) - Citigroup Inc will provide more than 75,000 employees globally with a special compensation award to help ease the financial burden of the coronavirus pandemic, Chief Executive Michael Corbat told staff in a memo seen by Reuters.

In the United States, $1,000 will be provided to eligible colleagues who make $60,000 or less in base salary, while elsewhere the special award will be based on local market compensation levels, Corbat said in the memo on Monday.

Citi aims to make a "vast majority" of these payments next month.

Employees who are sick, at high risk or unable to work as a result of the outbreak are allowed to take time off without using paid leaves, the memo added.

The bank extended the time frame for the use of carry-over vacation and was also helping with transport needs for employees who have to come in to work.

(Reporting by Imani Moise in New York and writing by Noor Zainab Hussain in Bengaluru, Editing by Sherry Jacob-Phillips)

This story has not been edited by Firstpost staff and is generated by auto-feed.

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