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Hi fishes! I had asked for benefits other than CTC which Bank of America provides & now that I've completed 1 month here, here's the list of allowances you'll be getting irrespective of position/band:
1. Sodexo: 1300 p.m./ 15,600 p.a.
2. Transport allowance: 900 one way, 1800 two ways p.m./ 21,600 p.a.
3. Internet: 1500 max p.m. (other than that, one time installation charges)
4. Tuition fee: Any certification related to your field. Like CFA, FRM etc. 3,00,000 p.a.
(See Comments)
When will the Hike letters be out ?
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Hi DI folks, how were the hikes last year??
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Finally some good news - USCIS furlough cancelled!
Reasons not to join HCL ??
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I think it's pretty broad... for DD consulting first years (from talking to other SMS my first year), it's between 160 and 200. Then I assume people get normalized on their way to PPD. People always say that 1st year Ps make less than their last year as SM, so there's probably about 100k growth in those years?
Loan payback doesn't have a lot to do with it. You don't vest until you've been a partner for 10 years. As far as the loans: 12 year amortization (prime minus .75%) plus annual required annual capital contribution. When you leave it's complicated, you get 50% in 2 months, 25% after 9 and the remaining 9 months later, but depending on amount and strategy, there is a taxable event - reversal of deferred taxes, which you have to cover with your capital disbursement...
I would assume that once you make Principal, you probably sign a non-compete for a certain amount of time. I met a Partner that came to Deloitte from Accenture who had a 2 year non-compete. But yeah, once you vest, you'll get paid... as far as pension, the formula until now, was 1% per year as Principal of the average of your top 5 years. So if you left after 10, you'd get 10% of your salary as pension...
Depends where you are in the band... my jump was 15% with a 2
15% including your regular yearly increase and the promotion increase?
Yeah... as in the total raise from M to SM
What is the band for SMs?
Why do people say that? Cause of the buy-in?
Yeah, the buy in and having to cover your own benefits... health, life, short term and long term disability... I'm sure that adds up quick!
Why do people say you need to be a partner for at least 10 years? Is that for the loan payback? And do you get your buy in back if you end up leaving the firm or does there need to be a buy out conversation?
Wow really appreciate the info! So if you leave after 10+ years and work at a competitor, does Deloitte still pay you for the vested shares? And upon retirement, is pension the top 3 years or is it 25% of top 3 years?