Dear Members- I am posting this thread to seek guidance in dealing with the Performance bonus & Retention Payout as detailed below..
Retention Payout-
There is a retention letter that is signed off by the colleague which articulates that if you leave the company before the said period your are liable to pay the complete amount, such amount is paid to colleague upfront. If a colleague is on a active Retention clause with a lock in period of 18 months,if the colleague resign before the completion of 18 months should the pay back be the entire Retention amount? Should this amount not be pro-rated per the tenure served?
Is it lawful to recover the complete amount ?
Performance Bonus:
The perofmance bonus is added as part of CTC and the performance year is from Jan to Dec and the payout happens in March, the company exit policy mentions that should you be on notice at the time of disbursment you will be not be paid.
Question is: Is this legally correct to hold the bonus of a colleague who has worked through the year and has performed well,the justification for not paying the bonus is because the colleague is on notice,however, the colleague has resigned in Feb, it is the company that has chosen to pay the bonus in arrears so why should the colleague be penalised?
Can you please advice.
attribution <link outdated-removed> #ixzz2utQn4wHp
Retention Payout-
There is a retention letter that is signed off by the colleague which articulates that if you leave the company before the said period your are liable to pay the complete amount, such amount is paid to colleague upfront. If a colleague is on a active Retention clause with a lock in period of 18 months,if the colleague resign before the completion of 18 months should the pay back be the entire Retention amount? Should this amount not be pro-rated per the tenure served?
Is it lawful to recover the complete amount ?
Performance Bonus:
The perofmance bonus is added as part of CTC and the performance year is from Jan to Dec and the payout happens in March, the company exit policy mentions that should you be on notice at the time of disbursment you will be not be paid.
Question is: Is this legally correct to hold the bonus of a colleague who has worked through the year and has performed well,the justification for not paying the bonus is because the colleague is on notice,however, the colleague has resigned in Feb, it is the company that has chosen to pay the bonus in arrears so why should the colleague be penalised?
Can you please advice.
attribution <link outdated-removed> #ixzz2utQn4wHp