I am being given a performance related bonus today. I intend to resign on Monday as I have found a considerably better job. The timing has not been intentional as I have been looking for some time. Can my current firm retract the bonus they give me today when I resign?
2007-05-09 23:33:02 · 11 answers · asked by moblopo36 2 in Business & Finance ➔ Careers & Employment ➔ Law & Legal
Since this has been earned and paid already, no they can not retract it. Most performance bonus are earned for a prior period and once earned can not be taken away
2007-05-10 02:36:45 · answer #1 · answered by Mom of 2 4 · 0⤊ 0⤋
You'll need to check your terms & conditions - if a bonus is a contractual obligation, then the company cannot withdraw it (but make sure you have something in writing, e-mail or a witness that can testify that you have been awarded a bonus before handing in your notice).
If there is nothing in your contract about performance-related bonus payments the they could take it away.
2007-05-10 03:43:20 · answer #2 · answered by Tufty Porcupine 5 · 0⤊ 0⤋
Hi!
Normally the bonus is paid because of your performance over a certain period of time, and as they are paying the bonus out, I would assume that the period of time has now lapsed.
I would say that you earned the bonus fair and square and you should keep it.
Hope this helps!
Best of luck with your new job!
2007-05-09 23:38:43 · answer #3 · answered by Moofie's Mom 6 · 0⤊ 0⤋
If the bonus was based on previous performance - they can't take it back once you've done what was expected of you to earn it.
If it's based on future performance (as a motivator) yes, you can expect to kiss it goodbye.
Good luck with the new job
2007-05-10 04:54:41 · answer #4 · answered by bumpity-bump 3 · 0⤊ 0⤋
1
2017-02-27 19:02:14 · answer #5 · answered by Mathews 3 · 0⤊ 0⤋
Would need to know the T's & C's of the bonus. Check with a friendly type in your finance dept.
2007-05-09 23:37:39 · answer #6 · answered by Anonymous · 1⤊ 0⤋
I wouldn't have thought so - it all depends, I suppose, if the money is already in your bank account......besides which, the bonus is for work that you've already carried out, so they've really got no right to try and claw it back....
2007-05-09 23:41:27 · answer #7 · answered by Simon L 3 · 0⤊ 0⤋
It depends on your terms and conditions. However to be on the safe side why not hang on until it has been paid with your salary into your bank account.
2007-05-09 23:42:40 · answer #8 · answered by Fran 2 · 1⤊ 0⤋
Probably not, but you are the only one here who has access to any sort of employee/company handbook or employee policy that would address this issue.
2007-05-10 06:08:48 · answer #9 · answered by BoomChikkaBoom 6 · 0⤊ 0⤋
yes depending on oyur performance
2007-05-09 23:36:14 · answer #10 · answered by daedealis 2 · 0⤊ 2⤋