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Vanguard will pay employees $1,000 to get vaccinated

August 4, 2021, 3:51 PM UTC

Vanguard will offer each of its 16,500 employees a $1,000 bonus for getting vaccinated against COVID-19.

The incentive stands out from other cash incentives not only because of the amount, but because it rewards people getting the vaccine now along with those who did so early on.

“Vanguard recognizes vaccines are the best way to stop the spread of this virus and strongly encourages crew to be vaccinated,” said Vanguard spokesperson Charles Kurtz in a statement to Fortune. “As such, we are offering a vaccine incentive for crew who provide COVID-19 vaccination proof. The incentive recognizes crew who have taken the time to protect themselves, each other, and our communities by being vaccinated.”

Employees who are vaccinated by October are eligible for the incentive. The move comes after Vanguard’s decision earlier this year to offer a hybrid work model to employees, letting most people work remotely two days per week.

Vanguard is just one of the latest companies to encourage employees to get vaccinated. Microsoft, Facebook, and Google have all recently announced that they are requiring workers to be vaccinated as they return to the office.

Vanguard manages more than $7 trillion globally, so it makes sense that the size of the incentive is dramatically larger than those from other companies. Kroger, for instance, is paying employees a $100 bonus when they show proof of vaccination. Other companies, including McDonald’s, are offering paid time off as a reward.

The Vanguard incentive comes atop several others from outside the company. Most recently, President Joe Biden urged states and cities to offer $100 incentives to people who get jabbed.

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