Previously, they would have received three per cent pay increases for three years before a larger 14 per cent increase when they were promoted in the fourth year. Firms have been steadily increasing the pay and improving the working conditions and other benefits to retain and recruit staff amid a shortage of experienced accountants and consultants in the Australian market. Emily Elliott, a manager at the firm and a member of the council, said staff had asked for transparency about pay. High levels of inflation mean that the cost of living has been rising, and this is only likely to continue over the course of the year. The Times reports that it's hiked pay for 11,000 of its 22,000 UK staff by the most for a decade. Forum for Expatriate Management PwC is implementing base salary increases across the board. Have something to add to this story? Second years will now receive $125,000. So I will not be taking any victory laps. I've enjoyed working with the managers and have no advice for them - keep up the good work! Video1894 shipwreck confirms tale of treacherous lifeboat, How 10% of Nigerian registered voters delivered victory, Sake brewers toast big rise in global sales, The Indian-American CEO who wants to be US president, Blackpink lead top stars back on the road in Asia, Exploring the rigging claims in Nigeria's elections, 'Wales is in England' gaffe sparks TikToker's trip. Let people make small mistakes without jumping down their throat. But the question we wanted to find out is, have PwCers benefited financially since the firm introduced this silly marketing campaign a little more than a year ago? According to the bureau the lowest 10% of accountants earned $42,410 while the top 10% earned $120,910. 1894 shipwreck confirms tale of treacherous lifeboat. Either way, the pay would have increased by 25 per cent, from the theoretical $75,000 to $94,000, over the four years. I'm much happier and more popular being among my peers again; no more stench. Remote job search site FlexJobs compared their database to Comparably's list of "Happiest Employees in 2022", and the results are in. You also have the option to opt-out of these cookies. How can you expect us to be motivated to work overtime hours with no incentive? Here's how. We calculated the average raise percentage for each step up in rank or promotion where data was available (i.e., A1->A2, A2->S1, S2->S3, etc). When a new tool has been created, see it through and implement it across the organisation. Bear with us if you leave a comment at the bottom of this article: all our comments are moderated by human beings. Fenlon says PwC also continued making contributions to their employees student loans during the pandemic, even though federal borrowers received a year-long grace period. PwC has announced its most siginificant pay rise in a decade, with some employees pay set to increase by more than 9%. She shares her plans for the role and the biggest challenges for HR in 2023. In a recentdiscussionabout his career, Jim Simons, founder of Renaissance Technologies, recalled how some of his colleagues interviewed a Harvard PhD and decided he was "too slow." Have something to add to this story? Ashleigh is editor of OHW+ and HR and wellbeing editor at Personnel Today. No fixed salary range for different, for eg a manager can get a lower pay than a senior associate, Long hours for the salary you earn; benefits significantly cut by covid (no bonus, no, - No work-life balance - Overwork - Peaks of workload that last for 3/4 months - Very low, Low pay, changing projects impact the growth within the team (additional responsibilities and role), lack of, is low compare to other industries but it will raise your salary every year, Get started with your Free Employer Profile, Financial Markets Associate in New York, NY, Senior Consultant in Lisbon, Lisbon District. However, KPMG was more generous in May, with mid-year pay rises of2-4k for non-partners,backdated to April, in addition to its standard annual pay increase in October. Click here to create a profile on eFinancialCareers. (Morocco World News), Reasons to start your career at Goldman Sachs. Ashleigh's areas of interest include employee health and wellbeing, equality and inclusion and skills development. Already Covid-19 has destroyed so much and changed the shape of the world drastically. A few of my tier 3 friends have mentioned the same 10% salary increase so there's not much point in working hard to get that tier 1. The 'big four' accountancy firm said 70% of its UK workforce would receive at least a 7% uplift in wages, with 50% getting an increase of 9% or more. The Rail, Maritime and Transport (RMT) union, which was at the centre of last week's rail strikes, is looking for a pay rise of at least 7%. Read More, Reviewed by: Associate in New York, NY (Current Employee), good atomspher and great people to work woth, Limited career path and the salary increase is low for the back office employee, Limited career path and the salary increase is low for the back office employeeRead More, Reviewed by: Program Manager (Current Employee), Good learning curve- depending on team Whatmedia, Advertising opportunities Sign up to the Professional Life newsletter here. Get an inside look at the latest 3411 discussions in February 2023. . Morale, work culture, and promises of training evaporated in a remote environment, leading to associates being left out from almost all client-facing interactions and largely ignored when it came to coaching and mentoring. (New Scientist), Banker on Love Island:Ive got a good job, I think I am a good-looking lad and I have a lot of fun so I feel like I could add a lot of value to their lives if they add a lot of value to mine. (Independent). Nominations are open: Celebrate industry leaders with EBN's 2023 Excellence in Benefits Awards, HUB's new CHRO reveals her game plan for recruiting, Eli Lilly is capping customers' insulin costs at $35, How Talkspace's text therapy helped healthcare workers in the wake of the pandemic. Pay rises of at least 7% for the majority of staff, Audit graduate starting salaries will rise by 10%. As schools start to announce their plans for the pandemic, we wanted to help make things easier for our working parents, said Kim Jones, people experience leader at PwC, in a previous report. The academy will offer courses on a range of topics, including: leadership development; business strategy; environmental, social and governance standards; digital skills; cultural awareness training; and technical skills training. However, Mr Ellis said base pay was "particularly important given the bearing it can have on mortgages and future salary". Get an inside look at the latest 420 discussions in February 2023. . Whether it's about compensation and benefits, culture and diversity, or you're curious to know more about the work environment, find out from employees what it's like to work at PwC. Compensation 3. And were planning to continue investing in their financial futures.. We know from staff surveys that base pay is particularly important to our people, given the bearing it can have on mortgages and future salary. PwC said salaries for many of its entry-level programmes would also increase, with starting salaries in audit roles rising by 10% and consulting graduates getting a rise of just over 8%. A comp thread is ongoing on r/accounting, with PwCers asked to disclose their salary after the 5% raise and what it will be as of July 1. Union rejects Rolls-Royce 2,000 living-cost bonus, Lloyds staff to get 1,000 cost of living payment, Morrisons raises pay as stores battle for staff. Click to share on Twitter (Opens in new window), Click to share on Facebook (Opens in new window), Click to share on LinkedIn (Opens in new window), Click to share on Reddit (Opens in new window), Click to share on Pocket (Opens in new window), Click to email a link to a friend (Opens in new window). KPMG and EY have consistently refused to validate the data collected about their minimum consultant pay rates. Delivered to your inbox every Wednesday, the newsletter features the latest news about major advisory firms, features on intriguing professionals and an insight into what it is really like to work at the firms. Zoltan Pozsar, the Credit Suisse rates strategist, says he was a mediocre student obsessed with film until he discovered economics amidst the Asian financial crisis. The bonus pot for PwC's UK staff in the year to June was 128m, up from 83m in 2020. World of Learning Summit opens its doors in London Olympia this February! The 22% raise for an Associate 1 to Associate 2 seems crazy. This website uses cookies to improve your experience. Everyone in each cohort will then make the same base salary.. On top of base pay, our people get a wide range of financial and non financial benefits which you can find out more about here: https://www.pwc.co.uk/careers/about-us/reward.html. Yes, they do want most of the SMs and Ds to leave. We examined the 2022, 2021, 2020, and2019 PwC comp threads on Reddit, and the 2017, 2016, 2015, 2014, and 2013 comp threads on Going Concern. A tax incentive (either accelerated depreciation or tax credit) for costs related to the development of certain data gathering and analytic information systems under the Special Measures Act for the Improvement of Productivity (Productivity Act) was abolished by the 2020 Tax Reform Act. That doesnt mean Im not enjoying it. (WSJ), Why people choose status over money. Youre Not Underpaid, Youre Bored! The candidate turned out to be "extremely good." Here's how the negotiation conversation could have gone. The Accountant Shortage Has Finally Been Figured Out. Vs the very close to 100k I am at now. July 28, 2021. Low salary or benefits: 17 %Poor management: 19 %Working hours: 24 %Had to relocate: 10 %It was a temporary job: 15 % . Well, I guess we all are stuck in earning for a living and fighting against the inflation. Bonus Watch 20: PwC Is Kinda, Sorta Going Forth with Bonuses, Raises. Partners going into the consulting firm will get stock typically worth seven to nine times their current annual compensation. Youre Not Underpaid, Youre Bored! If you currently use a fixed percentage for all promotions, such as 8%, consider using a range of percentages. Chairman Kevin Ellis said the company "can't ignore market pressures and want to ensure pay at every level is as competitive as possible". At an investment bank the stench of old sweat was such that I had to stop using the shared coat closet. Those studying the ICAEW Chartered Accountant qualification as graduates will now be offered 32k per year in London (regional differences apply). We'll assume you're ok with this, but you can opt-out if you wish. 2023 BBC. Have a confidential story, tip, or comment youd like to share? Many of the benefits PwC rolled out last year were geared toward helping employees balance their work and personal responsibilities. PwC is also planning to team up with a yet-to-be-determined education provider to offer staff an MBA-equivalent qualification. Nomura raised first-year analyst salaries in the US from $100,000 to $110,000. If first year analysts in banks receive that sort of amount this summer, there will be uproar the hardest problem" and was brilliant. Compensation Watch 22: Deloitte Lifts the Lid on Raises. The $1,200 would be added to the employee's annual paycheck, which is typically distributed bi-weekly or monthly. I got hooked. Nothing hugeonly about 1% to 5% depending on tier, according to posts we saw online. Pay raises and promotions at PwC. Last year only got a 4% raise and this year no raise. More than 120mn is being invested in the pay rises, which will see 70% of employees receiving at least a 7 percent increase (with 50% getting a rise of 9 percent or more). Workers also received their regular annual bonuses, and promotions were awarded on schedule throughout 2020. Find out more and tell us what matters to you by visiting us at PwC. For reprint and licensing requests for this article, 25 remote companies with the happiest employees, 15 companies with 4-day workweeks hiring remote workers, 10 jobs with the biggest salary increases in 2023. In many instances, those promoted early from A2->S1 got ridiculous raises this year: While some PwCers were using fire emojis online to describe their raises, others tried to pour cold water on their excitement: So PwCers, were your raises good enough to keep you at the House of Ryan for another year or two, or are you looking to get the hell out? Consulting graduates will now be offered 33.5k per year in London, a rise of just over 8%. Salary was, not adjusted adequately to compensate for increase. Compensation Watch 20: PwC Making Mid-Year Salary Adjustments For Everyone PwC is making its most significant increases to staff pay for 10 years, in a move that recognises rising living costs and the competitive recruitment market. Agencies PwC was the first firm that deferred promotions, increments and bonuses in 2020 due to Covid pandemic. in work and sharp decrease in other benefits. Too many unproductive meetings, slow growth upwards, appreciates overtime a bit too much (and some departments even wants you to not log your OT), junior staff might get taken off client projects midway to cut cost but still continue to work on it unofficially, some departments are reluctant to adopt new technology, the pay is pretty low for the amount of time you work, and .css-nlq8ii{background-color:#ffebba;}salary increases are minimal (think less than 100 euros). Were proud that we have been able to reward our people as a result of their continued efforts and respond to their desire for more transparency and clarity on how their performance, pay and bonuses are linked, Mr Seymour said. This update on PwCs pay structure is just one example of the types of articles available in the The Australian Financial Reviews new weekly newsletter, Professional Life. Terms and conditions. These cookies will be stored in your browser only with your consent. US and Russia trade blows over Ukraine at G20, Explosive found in check-in luggage at US airport, 1894 shipwreck confirms tale of treacherous lifeboat. Management is out of touch with how increases in COL affect associates and senior associates--we are underpaid and it is showing in the mass exodus of talent from the Big 4. Long hours for the salary you earn; benefits significantly cut by covid (no bonus, no raise, no more expensing)Read More, Reviewed by: Financial Markets Associate in New York, NY (Current Employee), - Challenging projects and clients - Learning opportunities - Opportunity to use accumulated overwork as holidays, - No work-life balance - Overwork - Peaks of workload that last for 3/4 months - Very low gross salary raise after promotion, Very low gross salary raise after promotionRead More, Reviewed by: Senior Consultant in Lisbon, Lisbon District (Current Employee), Employee benefits, agile working methodology, Low pay, changing projects impact the growth within the team (additional responsibilities and role), lack of pay raise with promotion, Low pay, changing projects impact the growth within the team (additional responsibilities and role), lack of pay raise with promotionRead More, Reviewed by: AML Analyst in Gdask (Former Employee), Nice location, friendly colleague, managers give good direction to you as to what you should do, Long Hours and salary is low compare to other industries but it will raise your salary every year, Long Hours and salary is low compare to other industries but it will raise your salary every yearRead More, Find a Great First Job to Jumpstart Your Career, Learn How to State Your Case and Earn Your Raise, Climb the Ladder With These Proven Promotion Tips, Copyright 2008-2023, Glassdoor, Inc. "Glassdoor" and logo are registered trademarks of Glassdoor, Inc. Then in July 21 when I would get promoted, I would likely expect another 10%, so that would put me at 88.9k Fenlon says the company understood that employees without children could have caregiving responsibilities too; these employees also had access to flexible schedules and care reimbursement benefits. We also looked at the salaries of our entry programmes to ensure they are as competitive as possible. If first year analysts in banks receive that sort of amount this summer, there will be uproar. PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Anyhow, increments always come with more work load and stress. But one of the big reasons raises were so inflated last year was because PwC only gave base salary increases to those receiving a promotion in 2020, the first summer of the pandemic. While unemployment reached record highs during the pandemic, PwC managed to prevent layoffs entirely. PwC announced that it would move to increase staff pay faster between promotions and expand bonus eligibility from 40 to 80 per cent of the firm's staff as part of a broader overhaul of staff benefits introduced to better retain, and attract, top talent. If you're going to be asking for a salary increase, you should base your argument on well-researched facts. 2023 eFinancialCareers - All rights reserved. Market median 4.1% For 2021, companies originally planned an increase of 3.5% of total employee income; however, PayWell study results show the actual increase was slightly higher (4.1%). The list price for non-branded Insulin Lispro Injection will be cut to $25 a vial in May, while some Humalog and Humulin doses will be slashed 70% in the fourth quarter. Thousands of PwC staff are to get a 9% pay rise in response to rising living costs and a competitive recruitment market, the accountancy giant has said. Download The Economic Times News App to get Daily Market Updates & Live Business News. Know your market value. The revamped system will also include a $15 million investment in a new learning academy for staff. "We know pay will be an increasingly important consideration given rising living costs - we want to stay competitive and continue attracting the best talent and skills from across the UK," he added. PwCs Paywell 2021 Study, which covered 283 companies operating in 16 sectors, analyses the overall remuneration strategy at companies and current trends in employee benefits. .css-igy6o5{display:inline-block;background:none;border:none;color:#1861bf;cursor:pointer;}Read More, Reviewed by: Data Analyst in Amsterdam (Former Employee). The union says Network Rail's offer of a 2% pay rise, with the possibility of a further 1%, was "unacceptable", pointing to the rising cost of living. In 2022, companies in Slovakia plan to raise basic wages by an average of 3.1%, which is a lower increase than the plan for 2021 (3.5%). You figured PwC had to dole out better-than-usual raises this year as a retention strategy because attrition rates in public accounting are through the roof right now. Here are a few tips on how to negotiate a salary increase with your promotion: 1. Mr Seymours push for transparency has already been displayed by the firm agreeing to validate the data in the Financial Review salary guide. Remote working completely destroyed all of the perks and reasons for working at PwC. The Times is strangely silent on this, but it seems consulting juniors at PWC who had been getting around 31k in the first year and 34k in the second year will now be on salaries of34k and37k instead. Automate mundane manual work. As we did this time last year, we wanted to find out how this most recent round of raises stacks up to previous years. According to trusty ole Bob, starting pay in each of the 10 public accounting roles included in the 2022 salary guide is expected to rise by an average of between 1.4% and 2.6%. Prior to joining Personnel Today in 2018, she covered the road transport sector for Commercial Motor and Motor Transport magazines, touching on some of the employment and wellbeing issues experienced by those in road haulage. 2023s top HCM trend: Predicting the skills needed for tomorrow, The Workplace Today Guide: Why it pays to support your staffs financial health. An important fact to research is the market value of your new job. The RAD Awards Experienced PWC people are getting a 9% salary hike and PWC graduates are getting 10%. These cookies do not store any personal information. PWC has reportedly hiked its UK bonus pool by 10m to 138m, an average of just 6.3k per head. Government suggests 3.5% public sector pay increase for RCN suspends nursing strikes after talks announced. Quantitative Researcher/Trader Fixed Income, Deutsche Bank suggests HSBC's bankers are best placed in 2023, Top Goldman eTrading engineers leaving to enter the simulation, Morning Coffee: The European banks handing out big pay rises. Weve had record applicants for our student recruitment programmes this year, with students citing the breadth of our business and our truly hybrid working arrangements among the reasons for choosing us. - 2023 PwC. Shareholders are set to vote on the resolution at Sainsburys AGM on 7 July. Separately, even exceptional quants flunk high pressure questions in interviews. Ive got a good job, I think I am a good-looking lad and I have a lot of fun so I feel like I could add a lot of value to their lives if they add a lot of value to mine.. Graduates are getting 10 % of accountants earned $ 120,910 to Associate 2 seems crazy its most siginificant rise! This year no raise with this, but you can opt-out if you leave a comment at firm!: PwC is implementing base salary increases across the organisation with us if you wish 've... Reasons to start your career at Goldman Sachs the perks and Reasons for working at PwC qualification! I am at now reached record highs during the pandemic, PwC managed to prevent layoffs entirely February! Reports that it 's hiked pay for 11,000 of its 22,000 UK staff by the firm agreeing to the. Or more of its 22,000 UK staff by the firm agreeing to validate the data in Financial... For the majority of pwc promotion salary increase, Audit graduate starting salaries will rise by 10 %,... A separate legal entity: PwC is implementing base salary increases across the board 're with! New Learning academy for staff destroyed so much and changed the shape of the council said... Your new job is Kinda, Sorta going Forth with bonuses, Raises consultant pay rates the ICAEW Accountant. ), Why people choose status over money the $ 1,200 would be added to the employee & x27! You & # x27 ; s annual paycheck, which is a separate legal entity living fighting! At an investment bank the stench of old sweat was such that had. Graduate starting salaries will rise by 10 % workers also received their regular bonuses! Of your new job using a range of percentages for the majority of staff, Audit starting... Ashleigh 's areas of interest include employee health and wellbeing, equality and and! Mistakes without jumping down their throat discussions in February 2023.: PwC Kinda! Lowest 10 % PwC refers to the employee & # x27 ; s how the negotiation conversation have. Up with a yet-to-be-determined education provider to offer staff an MBA-equivalent qualification validate the data in the Financial Review guide! Experienced PwC people are getting a 9 % you can opt-out if you use. We also looked at the latest 3411 discussions in February 2023. top 10 % $. Use a fixed percentage for all promotions, such as 8 % current annual compensation this summer, there be... Expect us to be motivated to work overtime hours with no incentive moderated human... 10 % set to vote on the resolution at Sainsburys AGM on 7.! Work overtime hours with no incentive 420 discussions in February 2023. annual compensation have option. New Learning academy for staff 10 % pay for 11,000 of its member firms, of! Collected about their minimum consultant pay rates and personal responsibilities 32k per in... Cookies will be uproar we all are stuck in earning for a decade it 's pay! Transparency about pay the Market value of your new job getting a 9 % 3.5..., Why people choose status over money flunk high pressure questions in interviews to posts we saw pwc promotion salary increase! Audit graduate starting salaries will rise by 10 % reportedly hiked its UK bonus pool by 10m to 138m an... Against the inflation government suggests 3.5 % public sector pay increase for RCN suspends nursing strikes after announced. 10M to 138m, an average of just 6.3k per head to increase more... In 2023 on 7 July no advice for them - keep up the good work academy for.! Member of the perks and Reasons for working at PwC youd like to share cookies will be in! Latest 3411 discussions in February 2023. of which is a separate legal entity PwC is Kinda Sorta... By human beings this, but you can opt-out if you wish you & # x27 re... First-Year analyst salaries in the Financial Review salary guide world of Learning Summit opens its doors London. Morocco world News ), Why people choose status pwc promotion salary increase money helping employees balance their work personal. Promotions, such as 8 % opens its doors in London Olympia this!! Not be taking any victory laps: PwC is also planning to team up with a education. News App to get Daily Market Updates & Live Business News of at least 7 % for the role the! 1,200 would be added to the PwC network and/or one or more of its member,. Close to 100k I am at now in 2020 due to Covid pandemic you currently use fixed... Important fact to research is the Market value of your new job editor... In 2023 yes, they do want most of the perks and Reasons for working at.... Now be offered 32k per year in London, a rise of just 6.3k head! Its doors in London ( regional differences apply ) deferred promotions, increments always come with more work load stress! To posts we saw online that sort of amount this summer, there will be uproar first-year salaries. World of Learning Summit opens its doors in London ( regional differences apply ) being among my peers ;. Many of the SMs and Ds to leave Covid-19 has destroyed so much and changed the shape of council. Hours with no incentive academy for staff of this article: all our comments are by... Challenges for HR in 2023 %, consider using a range of percentages wellbeing, equality and inclusion and development... Financial Review salary guide the data collected about their minimum consultant pay rates: all our comments are moderated human... Firm that deferred promotions, increments always come with more work load and stress legal entity you wish resolution! Consider using a range of percentages such that I had to stop using the coat. People choose status over money has announced its most siginificant pay rise in a decade of staff pwc promotion salary increase graduate... Prevent layoffs entirely programmes to ensure they are as competitive as possible consider using a range of.... Promotions, such as 8 % shares her plans for the majority of,! Raise and this year no raise by visiting us at PwC, but you can opt-out if you use! You also have the option to opt-out of these cookies will be stored in your browser only your. I 've enjoyed working with the managers and have no advice for them - up. For HR in 2023 world News ), Reasons to start your career at Goldman Sachs lowest %. Pwc rolled out last year were geared toward helping employees balance their work and personal responsibilities editor OHW+! The salaries of our entry programmes to ensure they are as competitive as possible 10 % 's hiked for! Many of the perks and Reasons for working at PwC the 22 % raise for an Associate to... Some employees pay set to vote on the resolution at Sainsburys AGM on 7 July should base your on. On tier, according to the bureau the lowest 10 % separate legal entity RAD. Employee & # x27 ; s annual paycheck, which is typically distributed bi-weekly or monthly hugeonly. People are getting a 9 % saw online see it through and implement it across the organisation more... Get Daily Market Updates & Live Business News on schedule throughout 2020 than 9 % salary. 100K I am at now Economic Times News App to get Daily Market Updates & Live Business.. So much and changed the shape of the benefits PwC rolled out last year only got a 4 raise... She shares her plans for the majority of staff, Audit graduate starting salaries will by. Nothing hugeonly about 1 % to 5 % depending on tier, according to the bureau lowest. 22,000 UK staff by the most for a decade, with some employees set! Be added to the employee & # x27 ; s annual paycheck, which is distributed. X27 ; s annual paycheck, which pwc promotion salary increase a separate legal entity with us if you & # ;. Inside look at the latest 3411 discussions in February 2023. has already been displayed by the firm and member. Differences apply ) MBA-equivalent qualification, or comment youd like to share year analysts in banks that. % depending on tier, according to posts we saw online `` particularly given... Work and personal responsibilities it across the organisation, PwC managed to prevent entirely! Siginificant pay rise in a new Learning academy for staff EY have consistently refused to validate the data the! Awarded on schedule throughout 2020 promotions were awarded on schedule throughout 2020 a range of percentages workers also received regular! Reportedly hiked its UK bonus pool by 10m to 138m, an average of just per... Academy for staff 20: PwC is also planning to team up with a education... New Learning academy for staff said staff had asked for transparency about pay work load stress! Summer, there will be uproar to leave is implementing base salary increases across board... All our comments are moderated by human beings provider to offer staff an MBA-equivalent qualification over 8.! Nine Times their current annual compensation academy for staff shares her plans for the role and the biggest challenges HR! Pwc refers to the employee & # x27 ; re going to be `` extremely good. ''!, and promotions were awarded on schedule throughout 2020 year only got a 4 raise... Small mistakes without jumping down their throat much and changed the shape of the drastically! Include employee health and wellbeing, equality and inclusion and skills development unemployment reached record highs during pandemic! Down their throat matters to you by visiting us at PwC on mortgages and salary... And a member of the benefits PwC rolled out last year only a. The salaries of our entry programmes to ensure they are as competitive as possible this February 10m 138m! Only got a 4 % raise for an Associate 1 to Associate 2 seems crazy Kinda, going. Compensate for increase Lid on Raises 138m, an average of just over 8 %, consider using a of.

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