The message I got on my division is similar(FLM here). Managers were asked to tag 10% of the employees as low performers, there is a Pip push going, so far the pushback has been that we have no evidence collected and no warnings were given to the employees. We were told to start following with the employees so the PIPs would happen by June if needed. There is GDP budget, the talk with my peers is that is enough to give 1.5% (year salary, do not miss the dot!) to all reports or give something significant to the top performers, but no pressure, so far, one way or the other (no word on skipping low performers)