Hi all,
I'm about to leave work and my current job pays me an annual bonus, with the term running from jan 1st to jan 1st (it's german accounting year, our parent company is german). I will be leaving around 20th december. We've made budget and technically I think I should be entitled to something.
Is there any legal requirement for them to pro rata my bonus? We normally get it pain in february once the accounts department has finalised the years totals.
Thanks in advance.
2007-11-04 20:46:33 · 5 answers · asked by Steven N 4 in Business & Finance ➔ Careers & Employment ➔ Law & Legal
In my company you had to work for the company for the full bonus term in order to get it. With that in mind, they would have refused to pay my last bonus when I left. I therefore planned my exit so that it fell two weeks later than this date, and they had to pay up. I fear that it will be the same for you, and as they owe you no loyalty as you're leaving, I would expect that you won't get a penny.
2007-11-04 20:58:34 · answer #1 · answered by Anonymous · 2⤊ 0⤋
There is no legal requirement for them to give you a bonus at all. And it's pretty common that if you quit before the end of the bonus period, you don't get it. Some companies will give you a pro rata portion, but they aren't obliged to. If you haven't given notice yet, wait until the year has ended. If you have, you're likely out of luck
2007-11-05 12:14:09 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
It depends entirely on your contract what happens with your bonus when you leave. A bonus is just that - an extra, not part of your contractual pay.
Read your contract. Then talk to your company. If you've been a good worker and a co-operative, contributing team member they may be willing to give you something.
If you haven't told them you're leaving this could be awkward, but presumably you have to give notice of leaving, so that could be a good time to have the conversation.
2007-11-05 04:56:39 · answer #3 · answered by Helen M 4 · 0⤊ 0⤋
Unless you are contracturally enititled to a pro-rata quantiatively determined bonus (very unusual!) wait until the bonus is in your bank account before handing over your resignation letter!
2007-11-05 07:08:13 · answer #4 · answered by Emily P 2 · 0⤊ 0⤋
Payment of bonus is not a leagl requirement.
The company can refuse to pay the bonus.
If you leave before the bonus is due then you wont get it as you would leave in Dec and your bonus is due in JAn/Feb.
So in short you wont get a penny if you leave in Dec.
2007-11-05 04:52:54 · answer #5 · answered by **tomtom 5 · 1⤊ 0⤋