DALTON, Mass. — The Berkshire Money Management team received "the rent is too damn high" payroll plus-up bonus to cover record inflation rates.
The team at Berkshire Money Management received a bonus from CEO and founder Allen Harris. The "plus up" is 5.4 percent of 2020 W2 wages—salary plus paycheck bonuses. For people not employed through 2020, equal flat payments will be made to each person. The minimum for any employee will be $2,500.
"Like other essential workers around the world, BMM employees had to do more for clients throughout 2020 than we planned for. I compensated employees with what I hope was a proper amount of gratitude and bonuses," says BMM founder and CEO, Allen Harris. "But that was then. Today, all Americans are being affected by inflation that is through the roof. It's not fair that people have to pay the cost of 2021 bills when we're used to 2020 prices. Financial service firms are performing much better now than we were a year ago and all bosses in the industry have an obligation to do whatever we can to take care of our employees, both in the office and out."
Inflation, as measured by the Consumer Price Index (CPI) was up 5.4 percent over the last 12-months – the biggest jump in prices since the commodities bubble of 2008. The CPI will release the latest inflation rate, which is anticipated to be at around 5 percent.
"I believe the inflation growth will be transitory. I've written about it a few times in my weekly column in the Berkshire Edge," says Harris. "But 'transitory' can mean a year. And as we all know, especially after 2020, a year can feel like an eternity."
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