PwC just fined me 3% of my annual pay for not reporting a few stocks that my spouse bought prior to the time when I joined the firm. Note this is not a conflict of interest issue or insider trading issue because the stocks my spouse owned had no connection with PwC’s client.
When I joined the firm, I took online training which told me that the value of the stocks of PwC audit client that I worked on and that my family members should not own more than 10% of the family net worth. This sounded reasonable because we never bought such large volume of stocks. I also reported the stocks my family owned as requested, based on the information my spouse gave me.
During an internal audit a few months ago when the firm checked my family members’ personal income, I realized there were a few stocks that my spouse forgot to tell me about, mostly bought before I joined PwC. Fortunately none of those stocks was PwC’s client.
I was shocked to hear that I am fined for 3% of my annual income, because PwC had never said if an employee missed or delayed in reporting one of the stocks a family member owned or purchased, he or she would be fined for 3% of their annual salary.
Firms cannot just not pay their employees for their services for unjustified reasons, especially if the fine was not communicated clearly to the employee prior to the measure. This is really a robbery from the employees.
I am wondering if what PwC did to me was against the employment law, especially since the stocks were not in conflict of interest.
Anonymous PwC employee
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