Work at a UMM shop where our WFH got extended to mid-August. In the office, we had a $25 seamless budget, however in WFH, we have not been getting anything. How are other PE firms doing this? Know many bankers are getting dinners but not sure about UMM / MF shops.
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Work at a MF. When we went to WFH in March, they suspended the meal stipends (used to get lunch too when in office), but have since reinstated the dinner stipend
MM PE: expensing dinners is allowed but new limit of $100/week.
Work at a bank and they haven't let us expense anything since WFH...don't think that's going to change any time soon...
We've been getting $25 / day, MF PE
bump
In IB. Haven’t been able to expense any meals since WFH started.
Work at a UMM. No dinner budget since we've started WFH. Was getting $40 per night earlier.
LMM; no dinner budget here either.
MM PE. Getting nothing while WFH.
LMM in TX market - previously had catered lunch and $30 dinner budget, nothing for either while WFH
Work at a MF. No dinner budget :(
Ridiculous
UMM, $25 / night for dinner, same budget for dinner and lunch on weekends
Don't get too jealous it's a sweatshop
I don't really get the rationale. You're still working just as much if not more, the firm is saving money on office expenses, travel expenses, etc., why take away meal stipends?
tax reasons
can you elaborate on this?
MM NYC, no lunch or dinner budget since WFH
Is it common to have lunch budget?
Every fund I’m familiar with had lunch paid for when we were in the office - usually through a given lunch budget, but the structures varied. Sometimes they had an EA order everyone Seamless or had it catered, occasionally on onsite chef, but I’ve never known a fund that didn’t provide lunch.
That’s completely changed since WFH - you’re on your own with no budget provided
Balance sheet bank £20 dinner budget Monday to Thursday
ATD!
LMM PE; no budget
I'm all for getting more...but what would be the logical rational to the employer. In office you get a meal because you can't go home and cook - its not a bonus for working late. Now you can presumably cook your own meal while at home.
Is it cheap, sure; however, I don't see a good counter argument as to why it should be given. What am I missing?
It’s absolutely a bonus for working late... otherwise they’d just expect you to order the food on your own account and pay out of pocket. They all pitch it as a “perk” as well. I don’t typically have any more time to cook if I’m working late at home than if I were at the office
The root of this all stems to the fact that you can't cook at home and are forced to eat at the office - similar to a per diem while traveling. Its not a bonus. It's not unique to finance, it exists in law, accounting, consulting, tech, etc. Google has free food at the office but you don't expense food if you're working from home, for example. You might view it as a bonus, but that's not the origins and its not how it operates across other industries. That said, I agree it's relatively cheap on their behalf and a pennywise pound foolish move in terms of morale.
How is it not a bonus? Firms could in theory not offer the meal stipend while you’re in office and just assume you order on your own dime / bring something in from home. Obviously it’s become ubiquitous across industries like finance / law and so it would be a red flag if a firm didn’t offer that, but tech companies / startups definitely pitch catered lunch / dinner as a perk
Well when you have your hands tied to the computer key board till 12am, can you cook???
My old shop (large multi-family office) had $25 dinner budgets pre-COVID, that went away w/ WFH even though hours spiked and we asked repeatedly about this.
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