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Withhold Bonus?

Discussion in 'BBS Hangout' started by Grumbler, Mar 3, 2013.

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  1. Grumbler

    Grumbler Member

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    can a company withhold your bonus? i have an oral offer from a local company here and should have the formal offer sometimes this week. my current boss just sent me my bonus amount from 2012 in the email. the payout is end of this month. i am wondering if i gave them a 30-day notice this week, can they take back my bonus?
     
  2. Anxiety Trooper

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    Yes the can depending on what's in your agreement. Find out before giving a notice. Consult a lawyer depending on the size of the bonus. I worked for a company in which the majority worked on contingency. Every time someone left the company they would screw with the money you brought in the door. Auditing.
     
  3. bobrek

    bobrek Politics belong in the D & D

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    They probably can. I know of companies that did not pay employees their buns when they quit before they were distributed, even though thy qualified. Depends on the company.
     
  4. Anxiety Trooper

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    Ask for a copy of your agreement and any document you've signed. HR File. Tell them you need it for your records.
     
  5. thadeus

    thadeus Member

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    If you work for them and earn a bonus, but they can keep it if you put in notice, then you shouldn't feel bad about getting your bonus and then immediately quitting.
     
  6. Grumbler

    Grumbler Member

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    ****, well, i really want to join this local company. if losing the bonus is what it takes, i will still take the new job. i will read my offer sheet today. don't think the new company wants to wait much longer. i guess it's really complicated that i switched to company's overseas branch half way last year. so now i am under a different legal/employment system.
     
  7. Grumbler

    Grumbler Member

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    lol, i think i got what you meant there.:grin:
     
  8. Anxiety Trooper

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    Tell your new company your situation. See if you can delay your entry any further. But like I said find out what your employment documents say. Any docs you signed.
     
  9. subtomic

    subtomic Member

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    As a general rule, most companies require a person to still be within their employ in order to receive a bonus (even if the performance period has already been completed). It all depends on the terms of the bonus program.

    If I were you, I would mention this to the company that is going to tender you an offer. They might allow you to delay your start date or they might offer a sign-on to compensate you.
     
  10. Dairy Ashford

    Dairy Ashford Member

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    I once lost half of mine to pay back my relocation bonus. If it's a retention bonus or a performance incentive payment, they probably can.
     
  11. Supermac34

    Supermac34 President, Von Wafer Fan Club

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    Negotiate a signing bonus with the new place to replace any potential loss of a yearly bonus.
     
  12. sammy

    sammy Member

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  13. Yonkers

    Yonkers Member

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    I second the others who say to tell the new company. Most of the time if they really want you they will wait the few extra weeks. The director at my current company had the company wait 3 months before he joined because he was waiting on a 1-year severance.
     
  14. DaDakota

    DaDakota Balance wins
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    Yeah, wait for your bonus, get it, then bail.

    Happens all the time.

    DD
     
  15. Fyreball

    Fyreball Member

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    If they would withhold your bonus for giving them your 30 day notice, then I really wouldn't feel bad about quitting after ensuring that you received said bonus. That's the way it goes.
     
  16. ILoveTheRockets

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    word. Just wait until you get the money then. Deuces out the roof
     
  17. JuanValdez

    JuanValdez Member

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    I've been involved with calculating bonuses at 2 different companies. Generally, they'd pay only to people employed on the day of distribution. If you've given notice but you're still there on the day of distribution, maybe you'd get it. Or maybe they'd terminate you a little early so you don't get it. Depends on your relationship with the company.

    So, I go with the consensus. Tell the new company that you'd like to collect this bonus you earned. Can you start 2 weeks after payout? If no, can they offer some kind of signing bonus to make up for it? Be agreeable regardless of the answer. Then, thinking of the original company, is your relationship good enough they won't begrudge your departure? If yes, maybe you give notice and hope for the best. Are they assholes? If so, tell them nothing, collect your bonus, make sure the deposit clears, and then bail. Sure they'll be mad, but you already have another job.
     
  18. ima_drummer2k

    ima_drummer2k Member

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    This is what I'd do (unless them black-balling you could possibly hurt your status in the industry you're in). They would screw you over without even thinking twice.

    You gotta look out for yourself and your family first and foremost. To hell with some faceless corporation.

    And 30-day notice is way too long. I think 2 weeks is standard.
     
  19. Grumbler

    Grumbler Member

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    okay, i was just reading the offer sheet that i signed and it didn't have any specific text about leaving the company in the bonus section. it was very general. i am sure if they want to withhold it, they can do it. i will try to talk to the new company about delay for 3 weeks. if they don't agree, i will quit regardless and join the new company. as far as 30 day notice, i am actually in HK now. so the standard is 30 instead of 2 weeks, which really sucks. i will still be employed at the current company on the day of the payout though. so i think i will get it regardless, unless they really get pissed about me leaving lol. which could be possible since everyone left in such a such amount of time.
     
  20. JuanValdez

    JuanValdez Member

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    If he wanted to go the route of giving notice and counting on their benevolence to give him his bonus anyway, giving more notice could be a good-faith gesture he could make to show he's a team player looking out for the company and deserves that bonus. Of course, they couls just give them more time to line up the replacement and send him home early. The safer thing is to wait until the money is in the bank account and then give notice. Or just leave.
     

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