SAN ANTONIO – CPS Energy will not be paying out a bonus this year to its employees, the utilities company announced in a news release Friday.
The company’s incentive program gives employees a bonus for meeting company-wide goals on safety, customer satisfaction and care for the environment.
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The at-risk incentive pay – totaling almost $13 million – would have been paid in May of 2020 to approximately 1,800 employees who had earned it, including executives, according to the news release.
“This was not an easy decision, but we know suspending all incentive payments is the right thing to do while our community is facing the unforeseen combination of economic, health and financial impacts. It is important to preserve cash and maintain the highest quality of operations and service," said Paula Gold-Williams, CPS Energy President & CEO. "Suspending the incentive of almost $13 million is a prudent action in this extraordinary time and helps ensure that our more than 3,100 hard-working team members can continue providing reliable, safe electric and natural gas services to almost 2 million people in our metropolitan community.”
Along with suspending at-risk pay, the company is freezing hiring, except for a limited number of critical positions.
Since the pandemic first began, CPS Energy announced it is suspending energy disconnections for customers who are unable to pay their bills.
CPS Energy won’t disconnect power to customers during coronavirus crisis