Fidelity employees whose base salary is lower than $75,000 will be eligible for merit pay raises this year, thanks to the strong performance of the biggest U.S. mutual fund firm, Reuters reports.

Less than two months ago, Fidelity said it did not have the budget for pay raises. Fidelity spokeswoman Anne Crowley told Reuters "more than a majority" of Fidelity’s 29,000 employees would be eligible for the raises.

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