In an email sent to all Google employees (and was bound to leak), CEO Eric Schmidt told employees that they'd be seeing a healthy Christmas bonus.
The first copy of the email I've seen is on Silicon Alley Insider and is reproduced below the fold. (Update: a Googler confirmed the email to me independently). The raise looks to be 10% across the board for all 25,000-ish full and part time employees with a $1,000 bonus added to base salaries as well.
The news comes as Google is fighting employee attrition to startups in Silicon Valley, but mostly Facebook.
A Google spokesperson quasi-confirmed the authenticity of the email by saying:
While we don't typically comment on internal matters, we do believe that competitive compensation plans are important to the future of the company.
The amount is a lot from a macro perspective, subtracting hundreds of millions annually from Google's bottom line. But it probably isn't enough to keep Google's brightest and most entrepreneurial employees from eyeing the lucrative stock options that await them at riskier startups.
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