The bonuses that Vanguard pays its 10,000 employees each June based on "partnership units" has fallen 5% from $61.50 to $58.40, The Philadelphia Inquirer reports.

This is the first time the firm has cut its bonuses, based on years of service and position, since it introduced them in 1984 at $3.84. Since then, the bonuses have come to mean thousands of dollars in additional income for many of VanguardÂ’s employees.

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