I work in a Startup company. My CTC is 12 lac fixed and 2 lac of performance link pay (total 14 LPA).
I worked hard for a year and got an award. I was also promoted by my company for my good performance.
I was expecting that the company would pay me my performance link pay amount which was supposed to be paid after one year of completion. I need that money for paying my loans.
But the company has decided to convert performance link pay into ESOP (Employee Stock Option Plan).
The ESOPs will take one more year to get vested and I will have to stay in this company for one more year if I want to get the ESOPs.
In short, I will get ESOPs worth Rs. 2 lac after one more year instead of INR 2 lac immediately after one year of completion.
I have resigned from the company because of the toxic work culture and job insecurity so I will not be able to work for one more year for getting the ESOP. I am at a loss of Rs 2 lac.
My appointment letter didn't mention anything about the provision of ESOPs in lieu of a performance link pay amount.
Is there any way to get back my performance link pay of Rs 2 Lac?
From India, Bengaluru
I worked hard for a year and got an award. I was also promoted by my company for my good performance.
I was expecting that the company would pay me my performance link pay amount which was supposed to be paid after one year of completion. I need that money for paying my loans.
But the company has decided to convert performance link pay into ESOP (Employee Stock Option Plan).
The ESOPs will take one more year to get vested and I will have to stay in this company for one more year if I want to get the ESOPs.
In short, I will get ESOPs worth Rs. 2 lac after one more year instead of INR 2 lac immediately after one year of completion.
I have resigned from the company because of the toxic work culture and job insecurity so I will not be able to work for one more year for getting the ESOP. I am at a loss of Rs 2 lac.
My appointment letter didn't mention anything about the provision of ESOPs in lieu of a performance link pay amount.
Is there any way to get back my performance link pay of Rs 2 Lac?
From India, Bengaluru
Pl. check whether there is a clause in the appointment order or the service contract to the effect that you will be governed by the company's rules and regulations as enforced from time to time. If so, nothing can be done otherwise there is scope for civil litigation in the matter and the factual position is helpful to you. But, it is a moot point as to whether it is worth it, as the litigation is likely to take time and is expensive. At any rate, you may get a legal notice issued.
From India, Mumbai
1530From India, Mumbai
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