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It is likely to be related to the company's fiscal yr. I think pwc and Deloitte fiscal yr runs from June-may and pwc runs July 1- June 30th. (Someone correct me if I'm wrong)
It's both. They'll say it's all because of the calendar, but the effect is the same either way. You're way less likely to leave in February if you know your bonus drops in June. Every company that delays comp like this knows exactly what they're doing, they just don't call it a retention strategy. Bonuses are paid out immediately post-review, same with merit increases taking effect. Always done by the end of February or early March at the latest.