Performance bonus and variable pay in notice period
1 year ago
My CTC had a variable component. Which is supposed to be paid for the financial year 2022 April - March 2023. I dropped my notice on 14 March 2023 and my last date is in June 2023. Can they deny paying me my variable pay?
A.Dear Client
To answer your question, the specific terms of your employment contract and the company's policies regarding variable pay have to be read properly. If your employment contract includes any clauses that allow your employer to deny the variable pay in certain circumstances, such as when an employee resigns before the payment date, then your employer may have the right to withhold the variable pay or if your employment contract clearly states that you are entitled to receive the variable pay for the financial year 2022 April-March 2023 as long as you are still employed on the payment date, then you will get your variable pay. Please seek an expert legal advice over this matter.
To answer your question, the specific terms of your employment contract and the company's policies regarding variable pay have to be read properly. If your employment contract includes any clauses that allow your employer to deny the variable pay in certain circumstances, such as when an employee resigns before the payment date, then your employer may have the right to withhold the variable pay or if your employment contract clearly states that you are entitled to receive the variable pay for the financial year 2022 April-March 2023 as long as you are still employed on the payment date, then you will get your variable pay. Please seek an expert legal advice over this matter.
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