JPMorgan Chase (JPM) is rolling out a one-time payment of up to $1K for employees making under $80K annually, according to a media report on Wednesday.
Many of the eligible workers are set to receive the money as a contribution to the bank’s retirement plans, Barron’s reported, citing a staff memo. To get the payment, workers must be enrolled in JPMorgan’s (JPM) U.S. 401(k), have at least one year of service, hold a job title no higher than vice president, and earn less than $80K in total compensation.
Staff based outside the U.S. will receive payment as a direct cash payout rather than a retirement contribution, JPMorgan Chase CEO Jamie Dimon said in the memo, Barron’s reported.
For U.S. employees who are not enrolled in the savings plan, JPM will open an account on their behalf. The payments are said to be scheduled for late January 2026.
The move is aimed to “recognize employees for their outstanding dedication to serving our customers, communities and shareholders,” Dimon said. JPM has roughly 318K staffers worldwide.
JPMorgan (JPM) did not immediately respond to Seeking Alpha’s request for comment.