Google employees have an early Christmas gift in the form of "a $1,000 holiday bonus and a 10% raise in 2011," according to a company-wide e-mail from CEO Eric Schmidt that was obtained by the Silicon Alley Insider.
In addition, Google will also give each employee an additional raise equivalent to 1X the employee's target bonus for the year. And employees will be eligible for additional "merit increases" based on their individual performance.
In another nice gesture, Google will pay the taxes on the $1,000 holiday cash bonuses, thus allowing employees to keep the whole thing.
A Google spokesman said, "While we don't typically comment on internal matters, we do believe that competitive compensation plans are important to the future of the company."
Here's the full email: