Hi All,
I have been working as a senior analyst with a private financial services company for the last 14 months. As per my offer letter, I am entitled to a retention bonus, for which I am eligible after 1 year of service. Upon completion of one year of service, I received a letter from the management that confirmed my eligibility to the bonus amount. Its been over 2 months since this happened but i havent received any bonus from the company. Now I want to leave my current employer but the management is refusing to give me my bonus. I want to know if this qualifies as a breach of contract. The bonus was not performance linked but a fixed amount and the only criterion was 1 year of service, which I have fulfilled.
Am I legally entitled to the amount of my bonus? If yes, what can I do to contest the stance of the management.Please let me know.
Thank you for your time.
SB
PS: my basic is above Rs. 10000 pm as stated by the Bonus Act
From India, Mumbai
I have been working as a senior analyst with a private financial services company for the last 14 months. As per my offer letter, I am entitled to a retention bonus, for which I am eligible after 1 year of service. Upon completion of one year of service, I received a letter from the management that confirmed my eligibility to the bonus amount. Its been over 2 months since this happened but i havent received any bonus from the company. Now I want to leave my current employer but the management is refusing to give me my bonus. I want to know if this qualifies as a breach of contract. The bonus was not performance linked but a fixed amount and the only criterion was 1 year of service, which I have fulfilled.
Am I legally entitled to the amount of my bonus? If yes, what can I do to contest the stance of the management.Please let me know.
Thank you for your time.
SB
PS: my basic is above Rs. 10000 pm as stated by the Bonus Act
From India, Mumbai
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Amendment to Payment of Bonus Act 2015.jpg
Bonus act amendment gazette copy.pdf
Retention quest.doc