Nearly twice as many employers are offering year-end bonuses this year. Here's how to stretch a one-time cash infusion.
Many companies also said they are increasing the size of bonuses. Roughly 17% said bonuses will be bigger than they were last year, notching another recent high.
"We typically tend to see bonuses go up at times when the labor market is really tight and that is clearly what we are seeing right now," said Andy Challenger, senior vice president at Challenger, Gray and Christmas. "Employees are in the driver's seat."heading into the holidays, these bonuses come at a particularly good time, Challenger added. "Having some extra money in the bank account is so valuable.
Regardless of the amount, Shelly-Ann Eweka, senior director of financial planning at TIAA, recommends splitting the payout into three categories to focus on debt repayment, savings and, yes, even some discretionary spending.
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