With 7% company match coming back, wonder what you’ll do with all that extra cash.
For me - I will use it on skill building for career shift
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@1bok+1d3oGwHQ. It affects higher earners where there is a loss of tax credits associated with buying company shares within our approved scheme. For me, worked out at 2-3%. Some could suggest that's not significant, but crude price is healthy and we're still taking an income hit as individuals.
Puts me 7% closer each year to being in a position where I don’t “need” the company. Not a bad deal.
@vqi+1d3oGwHQ to provide a perspective could you please share how significant of a value you all lost in the European region that's not being reinstated?
That 7% is going to your 401k, a retirement account. The best thing you can do is leave it there to grow tax free. Early withdrawals may be subject to restrictions and penalties and are taxed at ordinary income tax rates.
Consider yourselves lucky. In Europe our loss of benefits are not being reinstated.
Extra? This is money the company took from you and then is acting like they're doing you a favor by giving the benefit back to you like it's a reward.
Its not extra... Maybe if they retroactively repayed the missed match and all the gains you would have gotten from it by investing at market lows.... This was truly damaging to any younger employees over the course of a 25-30 year investment period...
I know this is a fantasy scenario.
Extra cash? I wouldn’t call it cash, it goes straight into investment accounts. My wallet isn’t getting any fatter as my take home pay will not be affected.