Help Needed for an Urgent Decision on Salary and Bonus

chrismann

CLAPTON wrote: »

OK

you have been offered
1560 bonus

or supplement of between 120 -150 per month which is a supplement of between 1440 and 1,800

is the bonus guarenteed
are the supplements guarenteed
are they pensionable
do you trust the company
do you have choice
is there a measureable criteria

The supplement is dependant on attendance, so if I'm sick, I lose a little bit but not all, so that's why it varies from £120 - £150.

The £1560 Bonus is not guaranteed as it is performance related. However, I'm fairly confident I would get it.

Not fussed about pensionable as I'm not on the pension scheme (for a whole host of other reasons)

Yes I have a choice

The criteria is based on a annual review with my manager. There are basically 3 members of my team, my manager has £1560 per head to distribute, so if he gives more to one member, he'll have to take it away from someone else. As its a small team, I doubt he would do that as it would just cause conflict.

mumof3monkeys

what happens if you leave before the bonus is paid? do you get a percentage or do you loose the lot?

JasX

chrismann wrote: »

Not fussed about pensionable as I'm not on the pension scheme (for a whole host of other reasons)

:eek: Are you not losing thousands on that count alone? have you had some very dodgy financial advice that not taking free money from your employer to save for retirement is somehow a good thing?

Mikeyorks

chrismann wrote: »

my manager has £1560 per head to distribute, .

Monetary wise there's not a lot in it. And, as I said originally, it simply boils down to personal choice of 12 x smallish amounts now or 1 x large amount later.

Except - if this is starting now ..... and if the large amount is in June and they are not going to pro-rata it in the 1st year ...... there's a clear benefit to the lump sum? As you gain £1560 against the loss of (5 x avg £135 £675 in monthly instalments?

As you hadn't mentioned the £400 holiday bonus. And I had forgotten the threshold of the 20% tax band reduces to £35k next year. Be aware that a June payment of £4447 would result in some £900 being taxed at 40%. But - as Clapton has indicated earlier - that would be given back to you over the course of the next months as you get fully back into the 20% band.

RichCH

I'd take the monthly because it's based on attendance and not performance, and if you turn up every single day of the year then you will actually make more money that way. If for any reason you don't perform, you're losing out.