Four grades for staff with top 10% getting biggest bonuses
AIG is to replace its current bonus payments with a four grade employee rating system that gives the 10% on grade one the biggest bonuses, Reuters reports.
Rank two will go to 20% of the employees, rank 3 to 50%. Those who get rank four will get minimal incentive pay.
"These ratings will help ensure that our people are accountable, recognized and rewarded for their achievements," spokeswoman Christina Pretto said in a statement. "By motivating and driving our talent, it will also help us remain competitive and ensure a strong, growing enterprise."
Bloomberg added that more than 60 managers including vice chairman Matthew Winter and property-casualty executive Kevin Kelley have left AIG since its rescue.
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