The Daily Money: Wage growth is slowing, but the holiday bonus is alive and well
Good morning! This is Daniel de Visé with your Daily Money!
Wage growth is slowing as the job market cools, but the tried-and-true holiday bonus appears to be alive and well.
A whopping 96% of professional services companies plan to dole out year-end bonuses, Paul Davidson reports, up from 77% in 2021 and 57% last year, according to a survey of about 1,700 financial, information technology, marketing and other white-collar companies this month by staffing firm Robert Half. Bonuses typically average 1% to 10% of an employee’s salary.
Bonuses are in. How do we know this? Because Taylor Swift recently awarded $100,000 bonuses to the drivers hauling guitars and stage lights on her Eras Tour.
Berkshire Hathaway investing genius Charlie Munger dies at 99
Charlie Munger, who helped Warren Buffett build Berkshire Hathaway into an investment powerhouse, has died. He was 99. Munger's death was confirmed in a statement from the company, which said he died Tuesday at a California hospital.
Munger served as Buffett’s sounding board on investments and business decisions and helped lead Berkshire as its vice chairman for decades. Munger preferred to stay in the background and let Buffett be the face of Berkshire, and he often downplayed his contributions to the company’s remarkable success. But Buffett always credited Munger with pushing him beyond his early value investing strategies to buy great businesses.
“Charlie has taught me a lot about valuing businesses and about human nature,” Buffett said in 2008.
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Each weekday, The Daily Money delivers the best consumer news from Paste BN. We break down financial news and provide the TLDR version: how decisions by the Federal Reserve, government and companies impact you.