Holiday & Year-End Bonus Statistics 2026: 10% Have a Holiday Bonus, Not 60%
Every December the same claim circulates: most employers give a holiday bonus. The federal data says otherwise. In March 2026, 15% of US private industry workers had access to an end-of-year bonus and 10% of all workers had access to a holiday bonus. Those are access figures โ the share of workers whose employer offers the benefit at all โ so the share who actually receive one in any given December is lower still.
This page is built on the two federal series that measure bonuses directly: the National Compensation Survey, which asks whether a benefit is available, and Employer Costs for Employee Compensation, which measures what employers actually spend. Every figure carries its reference period. The five metrics we derived ourselves are labelled, with their arithmetic shown, so you can recompute them with your own assumptions.
Year-end bonus benchmark cheat sheet
The numbers a compensation, HR or finance team needs to answer "is our bonus normal?" in one table. Everything here is sourced in section 13.
| Benchmark | 2026 figure | Source and reference period |
|---|---|---|
| Access to any nonproduction bonus (private industry) | 51% | BLS NCS, March 2026 |
| Access to an end-of-year bonus (private industry) | 15% | BLS NCS, March 2026 |
| Access to a holiday bonus (all workers) | 10% | BLS NCS, March 2026 |
| Access to a referral bonus (all workers) | 10% | BLS NCS, March 2026 |
| Access to cash profit sharing (private industry) | 6% | BLS NCS, March 2026 |
| Access to payment in lieu of benefits (private industry) | 4% | BLS NCS, March 2026 |
| Access to a longevity bonus (private industry) | 3% | BLS NCS, March 2026 |
| Employer cost, nonproduction bonuses (private industry) | $1.33/hour, 2.8% of total compensation | BLS ECEC, June 2026 |
| Employer cost, all supplemental pay (private industry) | $1.88/hour, 4.0% | BLS ECEC, June 2026 |
| Total compensation (private industry) | $46.89/hour | BLS ECEC, June 2026 |
| Bonus access, management and professional occupations | 61% | BLS NCS, March 2026 |
| Bonus access, service occupations | 37% | BLS NCS, March 2026 |
| 2026 salary increase budget, for context | 3.4% average, 3.5% median | Conference Board, 460+ US compensation leaders, published September 2025 |
| Federal flat withholding rate on a cash bonus | 22%, rising to 37% above $1m cumulative | IRS Publication 15, 2026 |
1. Who actually gets a year-end bonus
The Bureau of Labor Statistics files every cash payment not tied directly to individual output under one heading: nonproduction bonuses. Within it sit five groups, and within those, the specific bonus types that matter at this time of year. These are the March 2026 access rates โ the share of workers whose employer makes the bonus available.
| Bonus type | Access, March 2026 | BLS category | Coverage |
|---|---|---|---|
| Any nonproduction bonus | 51% | โ | Private industry workers |
| End-of-year bonus | 15% | Performance-based award | Private industry workers |
| Holiday bonus | 10% | Performance-based award | All workers |
| Referral bonus | 10% | Employee incentive award | All workers |
| Cash profit sharing | 6% | Performance-based award | Private industry workers |
| Payment in lieu of benefits | 4% | Other | Private industry workers |
| Longevity bonus | 3% | Recognition award | Private industry workers |
Source: BLS, "What types of nonproduction bonuses are available to workers?", reference period March 2026, page last modified 25 September 2026. Note the coverage column. BLS states the holiday and referral figures for all workers and the others for private industry workers, so they are not strictly interchangeable โ most write-ups quote all seven as a single series. Hiring, retention, management incentive, attendance, employee recognition, safety, suggestion, union contract signing, birthday and retirement bonuses are also named by BLS without a published access rate.
Access to nonproduction bonuses by type, March 2026
Share of workers whose employer makes the bonus available. Bars drawn to scale against the 51% total.
Two observations worth carrying into any year-end planning conversation. First, the headline 51% is held up substantially by bonus types that have nothing to do with December โ referral bonuses alone are as common as holiday bonuses. Second, the gap between 15% end-of-year access and 10% holiday access is the gap between two different instruments: one pays on the year's results, the other pays because it is December. For every three workers with an end-of-year bonus, two have a holiday bonus.
Roughly half of US private sector workers are employed somewhere that offers no cash bonus of any kind. That is the baseline every "most companies give a holiday bonus" headline should be measured against.
2. The ten-year trend: access is rising, slowly
Access to nonproduction bonuses has climbed steadily since the late 2010s. The series below pulls the comparable March readings BLS has published.
| March of | Any nonproduction bonus | End-of-year bonus | Holiday bonus |
|---|---|---|---|
| 2017 | 38% | 11% | 6% |
| 2022 | 41% | 12% | โ |
| 2024 | 48% | 12% | 7% |
| 2025 | 50% | 13% | โ |
| 2026 | 51% | 15% | 10% |
Sources: BLS Economics Daily articles and benefits fact sheets for each reference year. The 2017, 2022, 2024 and 2025 figures are private industry workers. The 2026 holiday figure is stated by BLS for all workers, so the 7%-to-10% step is not a clean like-for-like comparison and part of it may be coverage rather than change. NCS access estimates carry sampling error: treat single-year moves of a point or two as noise and the direction over a decade as the signal. Dashes mark years where BLS did not publish a separate figure for that type.
The decade-long direction is clear. Bonus access is up 13 points since 2017 and end-of-year access up 4 points. That runs against the story told in most December coverage, which reports bonuses as vanishing. Both can be true, and section 8 explains why: the share of employers who have a bonus programme is growing while the share advertising one to new hires is shrinking fast.
3. What bonuses actually cost employers
Access tells you whether a programme exists. The Employer Costs for Employee Compensation series tells you what it costs. In June 2026, private industry employers spent $1.33 per hour worked on nonproduction bonuses โ 2.8% of total compensation of $46.89 an hour.
| Component, private industry | Cost per hour worked | Share of total compensation |
|---|---|---|
| Total compensation | $46.89 | 100.0% |
| Wages and salaries | $32.82 | 70.0% |
| Total benefits | $14.07 | 30.0% |
| Supplemental pay (all) | $1.88 | 4.0% |
| Nonproduction bonuses | $1.33 | 2.8% |
Source: BLS, Employer Costs for Employee Compensation, June 2026 reference period, released 9 September 2026 (USDL-26-1494), Table 1. Nonproduction bonuses are a component of supplemental pay, which also contains overtime and premium pay and shift differentials. For context the same release puts civilian workers at $49.46 per hour with nonproduction bonuses at $1.20, or 2.4%.
One ratio from that table is worth stating on its own, because it reframes what supplemental pay is. Nonproduction bonuses are 70.7% of all supplemental pay ($1.33 of $1.88). Overtime, premium and shift pay together are the minority of it. "Supplemental pay" is, in the main, bonuses.
4. Bonus cost is outgrowing pay itself
The cost series has a longer memory than the access series, and it tells a sharper story. Nonproduction bonus cost per hour has risen much faster than total compensation since the end of 2021.
| Reference period | Nonproduction bonuses, $/hour | Share of total compensation | Total compensation, $/hour |
|---|---|---|---|
| December 2021 | $0.89 | 2.3% | $38.07 |
| March 2024 | $1.26 | โ | โ |
| June 2026 | $1.33 | 2.8% | $46.89 |
| Change, Dec 2021 to Jun 2026 | +49.4% | +0.5 points | +23.2% |
Sources: BLS ECEC releases for December 2021 (released 18 March 2022) and June 2026 (released 9 September 2026), private industry workers, Table 1; the March 2024 figure is as stated in the BLS Economics Daily article on end-of-year and holiday bonuses, published 18 December 2024. Nominal dollars, not inflation-adjusted. BLS has also announced that workers' compensation costs leave the ECEC from the December 2026 reference period, so later total-compensation figures will not be directly comparable with these.
5. Who gets left out, and the gap that widened
BLS publishes bonus access by occupational group, and the spread is the widest single disparity in the dataset. In March 2026, access ran from 37% in service occupations to 61% in management, professional and related occupations.
Nonproduction bonus access by occupational group, private industry
The two groups BLS states explicitly in its March 2025 and March 2026 releases.
6. The industry table: construction beats tech on holiday bonuses
The most useful breakdown BLS has published on this topic splits end-of-year and holiday bonuses by industry. It is March 2024 data โ the most recent industry detail available for both bonus types โ and the ranking inverts between the two columns in a way that nothing else in the dataset does.
| Industry | End-of-year bonus | Holiday bonus | Which is more common |
|---|---|---|---|
| All private industry workers | 12% | 7% | End-of-year |
| Information | 22% | 4% | End-of-year, by 5.5ร |
| Wholesale trade | 21% | 9% | End-of-year |
| Construction | 19% | 14% | End-of-year, narrowly |
| Manufacturing | 17% | 10% | End-of-year |
| Hospitals | 6% | 2% | End-of-year |
| Leisure and hospitality | 5% | 6% | Holiday |
| Retail trade | 4% | 9% | Holiday, by 2.3ร |
| Transportation and warehousing | 4% | 5% | Holiday |
Source: BLS, The Economics Daily, "Access to end-of-year and holiday bonuses for private industry workers in 2024", published 18 December 2024, March 2024 reference period, all occupations. Ratios in the final column are ours.
Read the two columns together and the pattern is about what kind of bonus an industry can promise. Industries with measurable annual results and salaried staff โ information, wholesale, manufacturing โ pay on the year. Industries whose December is their busiest month โ retail, leisure and hospitality, transportation and warehousing โ pay for the holiday instead, and in retail the holiday bonus is more than twice as common as the end-of-year bonus. The three sectors most likely to be working on 24 December are the three where the year-end bonus has effectively been replaced by a holiday one.
Construction is the outlier. At 14%, construction workers are 3.5ร more likely to have access to a holiday bonus than information workers at 4%, and twice as likely as the private sector average. It is the only industry in the table that scores highly on both columns.
7. About that "60% of employers give holiday bonuses" figure
Search for holiday bonus statistics in any December and one number dominates: 60% of employers plan to give a holiday cash bonus. It is worth knowing exactly where it comes from before it goes into a board deck.
8. Bonuses are disappearing from job ads faster than from payrolls
This is the reconciliation between a rising access series and a falling bonus narrative. Employers are keeping their programmes and stopping advertising them.
| Measure | Latest | Comparison | Source |
|---|---|---|---|
| US job postings mentioning a year-end or annual bonus | 0.74% | Down from 1.65% a year earlier โ a fall of more than half | Indeed Hiring Lab, as reported December 2025 |
| US job postings offering a signing bonus | 3.0% (December 2025) | 5.6% at the August 2022 peak; 1.8% average in 2019 | Indeed Hiring Lab, February 2026 |
| Signing bonuses, nursing postings | 8.4% (December 2025) | 13.5% in December 2024 | Indeed Hiring Lab, February 2026 |
| Signing bonuses, physician and surgeon postings | 10.6% (December 2025) | 11.8% in December 2024 | Indeed Hiring Lab, February 2026 |
| Share of workers receiving a holiday or annual bonus | Falling since 2021 | About 44% at the 2021 peak | ADP payroll data, as reported December 2025 |
| One-time discretionary pay (sign-on, retention) | Being scaled back | Particularly in technology and trade-sensitive sectors | Conference Board, 460+ US compensation leaders, published September 2025 |
The signing bonus series is the cleanest labour-market signal in this dataset, because it is observed behaviour in live job ads rather than a survey: 3.0% of postings in December 2025 against a 5.6% peak in August 2022, still above the 1.8% baseline of 2019. Bonuses used to buy candidates in a tight market are retreating towards pre-pandemic levels while the bonuses written into existing compensation plans are not. The nursing figure โ 13.5% to 8.4% in twelve months โ is the sharpest single move in the set.
The practical consequence for a year-end programme is that external benchmarks sourced from job ads will understate what your competitors actually pay their existing staff, and surveys of employer intent will overstate it. The access and cost series are the only two that measure the installed base.
9. What a $500 cash bonus is actually worth
Year-end bonus budgets are almost always set in gross dollars and received in net ones. The 2026 federal arithmetic is fixed and public, so there is no excuse for the gap being a surprise in January.
IRS Publication 15 for 2026 keeps the flat withholding rate on supplemental wages โ which is what a bonus is โ at 22%, rising to 37% on cumulative supplemental wages above $1 million in a calendar year. No other percentage is permitted under the flat-rate method. The alternative is to aggregate the bonus with regular wages and withhold as though it were one payment. Either way, Social Security and Medicare still apply.
That 1.53ร multiplier is the single most useful number in this entire page for a December budget conversation, and it is the reason the cash-versus-non-cash question is a finance question rather than a sentimental one. Outside the US the arithmetic changes completely: several countries have a genuine tax-free allowance for non-cash gifts, which a cash bonus cannot use. Our UK trivial benefits and multi-country tax guides work through the thresholds country by country.
10. The December payment that arrives in a recognition vacuum
There is one more number that belongs in a year-end bonus discussion, and it is not a bonus number. As of May 2026, 29% of US employees said they had received recognition or praise for doing good work in the past seven days, and 31% were engaged.
Put the two datasets side by side and the structural problem with the December bonus becomes visible. Seven workers in ten go a full week without being recognised for anything, and then one worker in ten receives a payment in December. The bonus is not competing with other bonuses for attention; it is arriving into a near-silence, which is both why it feels significant and why it does so little by itself. A single annual payment cannot carry the weight of a year of unacknowledged work, and the access data says it is not even attempting to for half the workforce.
On the cash-versus-non-cash question specifically, the honest answer is that the research most often cited is thinner than its popularity suggests. The study that circulates most โ in which a gift-wrapped water bottle raised a data-entry rate by about 25% while an equivalent cash bonus produced no measurable effect, and in which roughly 80% of participants took the cash when offered the choice โ reaches most readers through a Harvard Business Review discussion summarised in a 2014 trade article, not through the primary paper. The finding is interesting and the direction is plausible. It is not a basis for a policy decision on its own.
What the data on this page does support is narrower and more useful. The tax arithmetic in section 9 is fixed and knowable: in the US a cash bonus and a gift card are taxed identically, so there the choice is about delivery and perceived value rather than efficiency. Outside the US the choice is frequently a real financial one, because several jurisdictions exempt modest non-cash gifts and exempt no cash at all. And the frequency question โ one payment a year against several smaller moments โ is where the recognition evidence actually points. We work through that trade-off in why cash bonuses are losing to digital rewards and points-based versus gift card rewards.
11. Bonus statistics to treat with caution
These figures circulate widely, appear in most year-end bonus articles, and should not be cited as current without the context below. We have kept them out of the body of this page deliberately.
| Circulating statistic | What it actually is | Why it needs a caveat |
|---|---|---|
| "60% of employers give holiday bonuses" | Employer-intent survey of 1,500 employers and employees, commissioned by a marketing company, reported December 2024 | Roughly 6ร the federal access rate; counts companies not workers; field dates unpublished |
| "The average holiday bonus is $251 to $500" | A modal band from the same December 2024 survey, self-reported by employees about the prior year | There is no federal per-recipient bonus amount. BLS publishes access and employer cost, never an average payout |
| "27% of employees want cash, 5% want gift cards" | Express Employment Professionals polls, published by SHRM in December 2014 | Twelve years old and still recirculated as current preference data |
| "78% of companies offer a year-end gift or bonus" | Challenger, Gray & Christmas survey of about 100 HR professionals, November 2014, described by its publisher as non-scientific | The firm's 2022 edition found 27% awarding no bonus at all; we could not locate a 2025 or 2026 edition |
| "44% of workers got a holiday or annual bonus" | ADP payroll data for 2021, its peak year, reported in a December 2025 news segment | Reached us secondhand; we could not locate a published ADP release stating the series, and 2021 is a peak not a norm |
| "Year-end bonus mentions in job ads fell from 1.65% to 0.74%" | Indeed Hiring Lab figures given in a December 2025 news interview | Directionally corroborated by Indeed's published signing-bonus series, but not itself a standalone Hiring Lab publication |
| Any "X% of employees would quit without a bonus" | Stated intention in a survey | Intention-to-quit questions consistently overstate actual behaviour and have no observed-turnover equivalent |
The pattern across the whole list is one thing: there is no reliable published figure for the average year-end bonus amount in the United States. The federal statistical system measures whether a bonus is available and what bonuses cost employers in aggregate. It does not measure what a typical recipient gets. Every dollar figure in circulation is a survey artifact, and most of them are modal bands from small panels. If you need a per-head number for planning, derive it from your own payroll or from the aggregate cost series in section 3, and label it as a derivation.
12. What the 2026 data means for year-end planning
Four things follow from the numbers above, for anyone setting or defending a year-end budget this quarter.
Benchmark against access, not intent
If you offer any year-end bonus you are already in the minority of employers by workforce weighting. 51% access to any bonus and 15% to an end-of-year bonus are the figures to quote when someone claims the company is behind the market. Survey headlines of 60% are measuring a different thing.
Budget the 1.53ร gross-up, or stop promising net amounts
A $500 net cash bonus costs $765 fully loaded, and 34.6% of what you spend never reaches the employee. Decide which number you are communicating โ gross or net โ before the announcement goes out, because the January complaint is always about the gap.
Check your own occupation gap
Nationally the bonus access gap between management and service occupations widened from 21 to 24 points in a single year. Run the same cut on your own population. If your frontline, shift and service staff are outside the programme, the December announcement will land as confirmation of that, not as a reward.
Spread the frequency, not just the amount
29% of employees were recognised in the past week. A single December payment into that silence is expensive and short-lived. The same budget delivered across the year โ service milestones, project completions, peer recognition โ produces more moments without raising the cost, and it is far easier to attribute.
If the last point is where you want to go, the operational question is delivery: how to issue many small rewards, in many countries, without creating a payroll project each time. That is what our bulk gift card API and bulk gift cards for employees guide cover, and our rewards budget framework works through the per-head arithmetic.
13. Methodology and sources
Every figure on this page carries its source and reference period. Federal establishment data and survey panel data are labelled separately, because they measure different populations and are not interchangeable. The five derived metrics are labelled as ours, with their inputs and assumptions stated. Widely circulated figures we could not trace to a current primary source are listed in section 11 rather than repeated as fact.
Citation. If you use these figures, please cite the underlying source rather than this page, and link here as the compilation. The five derived metrics โ the implied $2,766 per worker and $5,424 per worker with access, the 2.13ร ratio of bonus-cost growth to total-compensation growth, the finding that the entire 2025-to-2026 access gain sits with management and professional occupations while service occupations stayed at 37%, the 6.0ร gap between surveyed employer intent and federal worker access, and the 34.6% leakage and 1.53ร gross-up multiplier on a cash bonus โ are original to this page and should be attributed to Rewordin together with their stated inputs and assumptions.
Key takeaways
- 51% access to any bonus, 15% to an end-of-year bonus, 10% to a holiday bonus. Those are the March 2026 federal numbers, and they are the right benchmark for "is this normal?".
- The widely quoted 60% is roughly 6ร the federal rate because it counts surveyed companies, not workers, and it dates from December 2024.
- Bonus cost per hour has grown 2.1ร faster than total compensation since 2021 โ employers have been shifting money into variable pay while base-pay budgets flattened at 3.4%.
- The access gap by occupation widened to 24 points in one year, with service occupations flat at 37% for two years running.
- Construction and retail pay for the holiday; information and wholesale pay for the year. Which bonus is normal depends entirely on the industry.
- 34.6% of a cash bonus is lost to withholding and payroll tax, and $500 net costs $765. In the US a gift card is taxed identically; outside the US it often is not.
- There is no reliable average bonus amount. Federal data measures access and employer cost, never per-recipient payouts.
Make the December payment one of twelve, not the only one
29% of employees were recognised in the past week, and roughly one in ten has a holiday bonus. The budget you are about to spend in a single December payment goes further as a series of smaller moments people actually remember. Rewordin delivers gift-card rewards in 150+ countries in local currencies, with per-recipient reporting on who was rewarded, when and what for โ so recognising someone in Manila takes the same effort as recognising someone in Milwaukee.
About the authors
Maciej is the founder and CEO of Rewordin, a global employee rewards and recognition platform delivering gift cards in 150+ countries. He works directly with HR, People Ops, compensation and finance teams on reward programme design, HR systems integration and bulk gift card procurement, and writes about the research behind effective recognition. Based in Wrocลaw, Poland. Connect on LinkedIn โ
Natalia is the CFO of Rewordin and co-reviewer of every quantitative claim published on the platform โ including the implied annual bonus spend in section 3, the bonus-cost growth ratio in section 4 and the withholding and gross-up arithmetic in section 9, all published here with their assumptions and limitations rather than as survey findings. Connect on LinkedIn โ
What percentage of companies give holiday bonuses in 2026?
The federal figure measures workers rather than companies, and it is much lower than the surveys suggest. In March 2026, 10% of all US workers had access to a holiday bonus and 15% of private industry workers had access to an end-of-year bonus, according to the BLS National Compensation Survey. 51% of private industry workers had access to a nonproduction bonus of any kind, a category that also includes referral, profit-sharing and longevity bonuses. The widely republished claim that 60% of employers give holiday bonuses comes from a December 2024 employer-intent survey and is roughly six times the federal access rate.
What is the average holiday bonus amount?
There is no reliable published average. The US federal statistical system measures whether a bonus is available and what bonuses cost employers in aggregate, not what a typical recipient receives. Every dollar figure in circulation โ including the commonly quoted $251 to $500 band โ comes from a survey panel rather than from official data. What can be derived from federal data is the aggregate: nonproduction bonuses cost private employers $1.33 per hour worked in June 2026, which annualises to roughly $2,766 per private industry worker per year, or about $5,424 per worker who has access. Both figures are our derivation and depend on an assumption of 2,080 hours.
Is a year-end bonus the same as a holiday bonus?
Not in the federal data, and the distinction is useful. BLS counts them as separate types of performance-based award. An end-of-year bonus is tied to the year's results and is more common in industries with measurable annual performance โ information, wholesale trade, manufacturing. A holiday bonus is tied to the holiday itself and is more common in industries whose December is their busiest month: in retail trade it is more than twice as common as the end-of-year bonus. Construction is the one industry that scores highly on both, at 19% and 14% respectively in the March 2024 data.
How is a year-end bonus taxed in the US?
A bonus is supplemental wages. For 2026, IRS Publication 15 allows an employer to withhold a flat 22% of it for federal income tax, with no other percentage permitted under that method, rising to 37% on cumulative supplemental wages above $1 million in a calendar year. The alternative is to aggregate the bonus with regular wages and withhold as if it were a single payment. Either way Social Security and Medicare apply, and state and local income tax is extra. The 22% is withholding rather than final tax liability, so an employee with a lower marginal rate recovers part of it at filing.
Are gift cards taxed differently from a cash year-end bonus?
Not in the United States. The IRS treats a gift card as a cash equivalent, so it is taxable wages from the first dollar and the de minimis fringe benefit exclusion does not apply to it. A $100 gift card and $100 of cash bonus carry the same withholding and payroll tax. Outside the US the position often differs: several countries exempt modest non-cash gifts while exempting no cash at all, which is why the same programme can be tax-inefficient in one jurisdiction and efficient in another. Our guides to the IRS rules and to UK trivial benefits work through both cases.
How much of a $500 bonus does an employee actually keep?
About $351.75, or 70.4%, before any state or local income tax: $500 less 22% federal flat withholding and less the employee's 7.65% FICA share. The employer also pays its own 7.65%, making the fully loaded cost $538.25, so 34.6% of what the employer spends does not reach the employee. Delivering $500 net requires a gross bonus of $710.73 and about $765 of employer cost โ a 1.53 times multiplier. The Social Security component stops once annual wages exceed the wage base, so the arithmetic is more favourable for high earners.
Are holiday bonuses going away?
The two datasets point in opposite directions, and both are right about different things. Access to nonproduction bonuses has risen from 38% in 2017 to 51% in 2026, so more employers have a bonus programme than a decade ago. At the same time bonuses are retreating from job advertisements: signing bonuses appeared in 3.0% of US postings in December 2025 against a 5.6% peak in August 2022, and year-end bonus mentions reportedly more than halved year on year. Employers are keeping the bonuses written into their existing compensation plans while withdrawing the ones used to attract candidates.
Which workers are least likely to get a year-end bonus?
Service occupations. In March 2026, 37% of private industry workers in service occupations had access to a nonproduction bonus against 61% in management, professional and related occupations โ a 24-point gap. The gap widened over the previous year, because the management and professional figure rose from 58% while the service figure stayed at 37%. By industry, hospitals (6% end-of-year, 2% holiday), leisure and hospitality, retail trade and transportation and warehousing have the lowest end-of-year access, though retail and hospitality partially substitute a holiday bonus instead.
Does a year-end bonus improve engagement or retention?
Not on its own, and the recognition data explains why. As of May 2026, 29% of US employees said they had received recognition or praise in the past seven days and 31% were engaged, so a December payment typically arrives after a year in which most people were acknowledged rarely or not at all. One annual payment cannot carry that weight. The more defensible use of the same budget is to raise the frequency of recognition rather than the size of a single transfer โ the cost is identical and the number of moments is much higher.