Thanks for this.
I am working in an IT company at Bangalore. In our CTC they have shown yearly bonus as Retention Bonus and Variable Bonus.
Could some one please explain, if a company has mentioned Retention bonus and Performance bonus as below but is not paying it since last 3 years to any employees and they doesn't respond to any employee query related to bonus, then what can be done for that.
Period of Payment:
When an employee completes his one year service with the company from his date of joining he is eligible for bonuses as per his salary annexure. The payout thereafter will be made on quarterly basis and the date of joining of an employee is taken into account. For all purpose the employee’s performance criteria is taken into account.
Retention bonus:
It is paid based on employees who have not been rated 'Needs Improvement' are eligible to receive 100% of the Retention Bonus amount mentioned in their salary annexure.
Variable bonus:
It is paid based on the performance rating of the employee. An employee is eligible for 100% of the amount mentioned in his/her salary annexure if his appraisal rating is Excellent, 75% if the rating is Very good, 50% if the rating is Good and 25% if the rating is
Average.
Employees with needs improvement are not eligible for both retention and variable bonus. All payouts will be made only through the payroll.
Approval Process
All bonuses amount and the period of payout will be approved by the Managing Director only.
Disqualification:
An employee shall be disqualified from receiving bonus, if he/she has resigned or dismissed from service for fraud, insubordination, disloyalty, misconduct, non performance or terminations. At the time of disbursement of the bonuses an employee