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Bonuses Policy

The bonus scheme rewards employees for their contributions to company goals and performance targets. Bonus payments are discretionary and based on company and personal performance. Employees must be employed at the date bonuses are paid to receive a bonus. The company reserves the right to change or withdraw the bonus scheme at any time without compensation.

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154 views2 pages

Bonuses Policy

The bonus scheme rewards employees for their contributions to company goals and performance targets. Bonus payments are discretionary and based on company and personal performance. Employees must be employed at the date bonuses are paid to receive a bonus. The company reserves the right to change or withdraw the bonus scheme at any time without compensation.

Uploaded by

Emily Daley
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Bonus Scheme policy

Purpose
The Company operates a bonus scheme for employees. The bonus scheme rewards
the contributions made by employees towards the goals achieved by the Company
as a whole, and also rewards those employees who have met and exceeded their
objectives and performance targets.

General
The discretionary bonus scheme is based on both the Company’s performance and
attainment of targets. Targets will be set based on personal goals, team goals and the
wider targets set for the business success. Additionally, employees need to be
employed by the Company at the date the bonus payment is paid and have
successfully passed their [delete as appropriate – probationary period of
employment/qualifying period of employment/[insert details of other qualifying period]].

The discretionary nature of the bonus scheme means the Company reserves the right
not to pay a payment, or to vary the amounts due. The terms of the bonus scheme
may be revised or the whole scheme may be withdrawn, at any time without
compensation.

Production-based bonuses will be set out in the employee's contract of employment.

Impact of leave
Pro-rated bonus payments will be paid when employees are on the following kinds
of leave:

 a career break
 adoption leave
 maternity leave
 paternity leave
 shared parental leave
 sick leave.

The pro-rated bonus will relate to the performance during the period at which they
were at work and will also cover the two week compulsory maternity leave period
for employees on maternity leave.

Team bonuses and Company-wide bonuses will be calculated and paid on the same
basis as the employee’s colleagues.
Customisable document taken from www.hr-inform.co.uk
This document is for your guidance only. Professional advice should be sought before use.
Termination/notice
Bonuses cannot be paid to any employee who is under a period of notice following
resignation or termination of employment, for whatever reason, at the time the
bonus is payable.

Payments
If employees are selected for a bonus payment under this scheme, they will receive
correspondence from their line manager. This will set out the amount(s) due under
the bonus scheme together with the reasons for payment.

The actual payment amount will be shown on the employee’s payslip and will be
made at the next [delete as appropriate - weekly/monthly] pay. Bonus payments are
subject to tax and national insurance contributions.

Policy updates
The Company may vary, amend or revoke the bonus policy at any time, with
reasonable notice to employees but without compensation.

Customisable document taken from www.hr-inform.co.uk


This document is for your guidance only. Professional advice should be sought before use.

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