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Loyalty bonus payable after redundancy period
Can anyone tell me please whether there is a set guide on how much a loyalty bonus would be, after a 90 day period of redundancy was completed?
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The short answer is no.
The longer answer is what exactly are we talking about here? The '90 day period' is generally mentioned in the context of the required consultation period by law when a large number of redundancies are being proposed. At the end of the period of consultation, redundancies are announced. Loyalty bonuses do not come into it under statutory legislation and therefore must be something your company is proposing.
Loyalty for what? - hanging in there to the bitter end?
The longer answer is what exactly are we talking about here? The '90 day period' is generally mentioned in the context of the required consultation period by law when a large number of redundancies are being proposed. At the end of the period of consultation, redundancies are announced. Loyalty bonuses do not come into it under statutory legislation and therefore must be something your company is proposing.
Loyalty for what? - hanging in there to the bitter end?
The short answer is no!
Just make sure that you ask the HR department, via your manager, that you are one of those who the loyalty bonus applies to. You should expect something like this to be in writing. If they ask why you want it in writing, say 'well you are wanting to make it part of a contractual term, aren't you'. Too many times I'm seen these sorts of carrots or vague offers made that go no where in the end.
I would have thought 10% of annual salary to be reasonable but that's not a guideline - just an informed guess.
If you are to be made redundant at the end of it, ensure that it gets to be included as part of a severance payment package - that way it counts as part of the redundancy and is not suject to tax/NI (up to �30k). Otherwise it is going to be a taxable sum.
Just make sure that you ask the HR department, via your manager, that you are one of those who the loyalty bonus applies to. You should expect something like this to be in writing. If they ask why you want it in writing, say 'well you are wanting to make it part of a contractual term, aren't you'. Too many times I'm seen these sorts of carrots or vague offers made that go no where in the end.
I would have thought 10% of annual salary to be reasonable but that's not a guideline - just an informed guess.
If you are to be made redundant at the end of it, ensure that it gets to be included as part of a severance payment package - that way it counts as part of the redundancy and is not suject to tax/NI (up to �30k). Otherwise it is going to be a taxable sum.
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