Hello,
I need advice on pursuing my case for retention bonus with my previous employer on legal terms.
My annual compensation had a component for retention bonus which is paid on successful completion of one year. I resigned after 9 months of employment and served 3 months of notice period and thus completed exactly 1 year and 7 days in the company.
Now, during Full & Final settlement, the employer is refusing to pay the retention bonus component of Rs. XXX.
I requested multiple times but the employer is not ready to budge. So, I need legal advice to pursue the matter. Following are more details:
Date of joining: 20th Jan 2015
Date of resignation: 6th Nov 2015
Date of leaving: 29th Jan 2016
Terms mentioned in offer letter / appointment letter:
"Your total annual remuneration on Cost to Company basis will be Rs. XXX which includes Rs. XXX as Retention Bonus paid at successful completion of one year".
From India, Panjim
I need advice on pursuing my case for retention bonus with my previous employer on legal terms.
My annual compensation had a component for retention bonus which is paid on successful completion of one year. I resigned after 9 months of employment and served 3 months of notice period and thus completed exactly 1 year and 7 days in the company.
Now, during Full & Final settlement, the employer is refusing to pay the retention bonus component of Rs. XXX.
I requested multiple times but the employer is not ready to budge. So, I need legal advice to pursue the matter. Following are more details:
Date of joining: 20th Jan 2015
Date of resignation: 6th Nov 2015
Date of leaving: 29th Jan 2016
Terms mentioned in offer letter / appointment letter:
"Your total annual remuneration on Cost to Company basis will be Rs. XXX which includes Rs. XXX as Retention Bonus paid at successful completion of one year".
From India, Panjim
4249
In this scenario the management can withhold or forfeit the retention bonus because you have not completed the required period of service "successfully". This is a word which will always protect the employer. If the employer says that he is not happy with the performance of the manager and hence whatever salary paid to him should only be regarded as the amount payable and nothing additional shall be paid when his service itself is not required, you cannot challenge it.
However, in the case of an employee who is neither designated as manager nor given any supervisory function, the things would be difficult because the labour law will protect him if he had a different interpretation of total salary or the amount which will be released after one year of service.
Madhu.T.K
From India, Kannur
However, in the case of an employee who is neither designated as manager nor given any supervisory function, the things would be difficult because the labour law will protect him if he had a different interpretation of total salary or the amount which will be released after one year of service.
Madhu.T.K
From India, Kannur
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Amendment to Payment of Bonus Act 2015.jpg
Bonus act amendment gazette copy.pdf
Retention quest.doc