Working on Wall Street is annoying if you're not one of the people bringing home the big bonuses. And we imagine it's especially annoying to support staff when they get treated like the servants the company really thinks they are, as Merrill Lynch appears to be doing. Our correspondent reports:

After a year of record profits, and with the top three people in management making a combined $106 million, Merrill has amended its policy on employee sick days. From now on, an employee taking nine sick days will be fired. On the fourth sick day, they will start deducting pay.

Attendance Guidelines (Effective May 14, 2007) A good attendance record and demonstrated reliability is one attribute of successful performance and is expected of all employees. These guidelines are in place to enable managers to address and foster improvement when an attendance problem has been demonstrated.

Each day an employee misses work is considered an absence. Employees are considered absent when they miss one-third or more of a workday.

It is the employee's responsibility to contact their manager within one hour of their scheduled start time to report any absence, and failure to do so may result in disciplinary action. Absence without notice for two consecutive days is grounds for termination of employment.

An absence is recorded as excused under this policy only if it is a) a pre-approved vacation or an approved personal day; b) an approved leave of absence under Merrill Lynch policy; or, c) an absence covered by any applicable federal or state law. (See Leave of Absence Policies.)

Outlined below are suggested guidelines for managers to address absences based upon the employee's work schedule. Management may accelerate the action steps described in these guidelines when patterns of attendance problems have been identified (including, but not limited to, repeated absences the day before and/or after a holiday or weekend; unacceptable level of absences over time with no demonstrated improvement; absences surrounding vacation).

Employee Status: Full Time
Absences in a 12-month Period /Action
Up to 3 days/Acceptable attendance: No action.

4 to 6 days/Questionable attendance: Manager/employee discussion or written communication from manager to employee stressing importance of good attendance; reviewing impact on performance; and describing future consequences including termination of employment. Non-payment may result.

7 to 8 days/Poor attendance: Written communication from manager to employee reviewing impact on performance and warning that failure to improve will result in immediate termination of employment. Non-payment should result.

9 to 10 days/Unacceptable attendance: Resulting in termination of employment.

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