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Testbook Edu Solutions Pvt. LTD.: Bonus Policy

Testbook Edu Solutions Private Limited offers retention bonuses and performance bonuses to eligible employees on an annual basis. To qualify, employees must complete 6 months of service. Retention bonuses are a fixed amount given to employees who meet eligibility guidelines. Performance bonuses are variable amounts based on employee performance reviews. Both bonuses are considered taxable income, and the company covers taxes on retention bonuses so employees receive the full amount. The bonus plan is at the company's discretion and can be modified without notice.

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119 views2 pages

Testbook Edu Solutions Pvt. LTD.: Bonus Policy

Testbook Edu Solutions Private Limited offers retention bonuses and performance bonuses to eligible employees on an annual basis. To qualify, employees must complete 6 months of service. Retention bonuses are a fixed amount given to employees who meet eligibility guidelines. Performance bonuses are variable amounts based on employee performance reviews. Both bonuses are considered taxable income, and the company covers taxes on retention bonuses so employees receive the full amount. The bonus plan is at the company's discretion and can be modified without notice.

Uploaded by

Jay Prakash
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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BONUS POLICY

Retention Bonus (RB) or Annual Retention Bonus

Purpose

Testbook Edu Solutions Private Limited, in recognition of the added value longer-service employees
bring to its capabilities and add to its complement of skills, has implemented a Retention Bonus
Program under the terms of this policy.

Overview

Testbook Edu Solutions Private Limited retention bonus policy operates on a fiscal year basis. At the
commencement of each fiscal year, Testbook Edu Solutions Private Limited makes a determination
as to the level of retention bonus to be paid to the eligible employee. Bonuses will be paid during the
first pay period following the completion of the fiscal year. The Management may alter the
disbursement timeline if any uncertain circumstances arrive during the course of business operation.

Guidelines and Eligibility:

a. Retention Bonus is a fixed amount annual bonus given to employees who have completed at least
6 months with the company as on 31st March of the Financial Year
b. Retention Bonus is computed on a Financial Year basis from April to March and is paid in the next
Financial Year.
c. If an employee is eligible but he/she was not part of the company for the full financial year, the
RB calculation will be done on a pro-rata basis for the months from joining to March 31st of the
FY.
d. If an employee resigns before 31st March of any Financial Year, he/she won’t be eligible for the
RB for that Financial Year.
e. If an eligible employee is serving notice period at the time of annual RB payment, his/her RB will
be paid along with F&F.
f. An employee must not incur any written performance warning(s) during the period to be eligible
for RB.

Each eligible employee who meets the above standards will be paid a Retention Bonus.

TESTBOOK EDU SOLUTIONS PVT. LTD.


1st & 2nd Floor, Zion Building, Plot No.273, Sector 10, Kharghar, Navi Mumbai- 410210
CIN: U72200MH2013PTC241118
Performance Bonus (PB) or Annual Performance Bonus

Purpose

The Bonus Plan of Testbook Edu Solutions Private Limited is designed to provide performance based
incentive compensation for all eligible employees.

Guidelines and Eligibility:

a) Performance Bonus is a variable amount annual bonus given to employees who have completed
at least 6 months with the company as on 31st March of the Financial Year .
b) Performance Bonus is computed on a Financial Year basis from April to March based on the
performance of the employee in the FY and is paid in the next Financial Year
c) If employee is eligible but he/she was not part of the company for the full financial year, the PB
calculation will be done on a pro-rata basis for the months from joining to March 31st of the FY
d) If an employee resigns before 31st March of any Financial Year, he/she won’t be eligible for the
PB for that Financial Year
e) If an eligible employee is serving notice period at the time of annual PB payment, his/her PB will
be paid along with F&F.
f) Employee must have a satisfactory year-end performance rating and must not incur any written
performance warning(s) during the period to be eligible for PB

Tax Consideration:

Both Retention and Performance Bonuses are taxable income to the employee and must be added to
the employee’s compensation in the year in which they are awarded. In view of this, the company,
will provide a “gross up” to employee income by paying the taxes for retention bonuses so that
employees will receive the annual amount indicated above “net of taxes.”

The Bonus Plan is provided at the discretion of Testbook Edu Solutions Private Limited & reserves
the right to administer, modify or terminate the plan with or without notice.

Effective from April 01, 2020 Approved by: Ashutosh Kumar

TESTBOOK EDU SOLUTIONS PVT. LTD.


1st & 2nd Floor, Zion Building, Plot No.273, Sector 10, Kharghar, Navi Mumbai- 410210
CIN: U72200MH2013PTC241118

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