The Charles Schwab Corporation said yesterday it will boost most employees’ pay by 5%, effective late September, according to a news release by the company.

The company also announced that due to the Delta variant of the coronavirus, it has delayed full return to the office until January, at the earliest.

The company said the “special increase,” which will be applied to the vast majority of the company’s employees, is in appreciation for their “unwavering service to clients and each other throughout the pandemic.” The increase will not include the company’s executive council or colleagues participating in Schwab’s incentive compensation plans, the release noted.

“You all have gone above and beyond to ensure our clients are well cared for, our culture remains strong, and our business remains sound under the most extraordinary circumstances. Thank you once more from all of us on the executive council for helping this company live up to its promise,” the council stated in a note to employees.

The Westlake, Texas-based company this year drew a record number of investors who sought help in navigating unprecedented market conditions, and the firm’s new assets reached a record $257 billion for the first half of the year, more than double the results during the same period last year, the release noted. Moreover, it said clients opened 4.8 million new brokerage accounts, which represented more than a million new accounts in the second and third consecutive quarters.

Walt Bettinger, president and CEO of the Charles Schwab Corporation, said the “outstanding results” are attributed to the employees’ focus and dedication, and the pay increase is to show appreciation. “This increase is a way to reward our talented employees for their contributions and their relentless commitment to see the world through clients’ eyes, even during the most challenging times,” he said in a statement.

Considering the circumstances with the Delta variant of the coronavirus, Schwab said it has revisited its return-to-work plans, and employees are not expected to return to the office until January.  

“Once back in the office, Schwab employees will enjoy additional workplace flexibility, based on a hybrid work schedule. Employees will also have the ability to work with their manager to determine an approach that works for their individual situation, should they need additional flexibility,” the release said.