Retention Bonus

Takaty
Takaty Posts: 13 Forumite
First Anniversary
in Redundancy & redundancy planning
Hi,
I am in the 30 day consultation period and have been offered a retention bonus. My notice period will be five weeks but they are offering people retention bonuses to stay around 10 weeks.

When do I have to sign to agree to a retention bonus? Can I leave it until I'm in my notice period?

Comments

  • ssparks2003
    ssparks2003 Posts: 809 Forumite
    First Anniversary First Post Name Dropper
    It is a letter between you and your employer, why not ask?
  • getmore4less
    getmore4less Posts: 46,882 Forumite
    Name Dropper First Anniversary First Post I've helped Parliament
    Why are they bothering with a retention bonus?

    They can just give you notice you are redundant when they want if that is 10 weeks they can either give that notice or just wait till the contractual/statutory notice.

    If you leave earlier you resign and they get to not pay redundancy.
  • Takaty
    Takaty Posts: 13 Forumite
    First Anniversary
    Thanks for your replies.

    It is a very loosely worded letter with very vague conditions.

    Everything is statutory minimum. The job I do is technical and so they are trying to encourage people to stay longer for knowledge transfer probably til just before Christmas (yay).

    I don't think my employer realises the scale of the problem they face and thus the bonuses on offer are too low. I don't want to sign the letter and find that if I hadn't they would offer more later down the line.
  • IanSt
    IanSt Posts: 366 Forumite
    How many people do the same job and are also being made redundant? Could you all get together and agree that you won't sign the retention bonus. If there are a few employees who could do your job and they agree to the bonus, then the employer may be more inclined to just take them, whereas if you all stick to your guns then they may be more inclined to up the terms.

    If it were me, then I'd be considering the likelihood of getting a new job and how much I needed the offered bonus to keep things going until getting a new position.

    There is also the possibility that provided you have already got the redundancy pay, then if other people get a higher bonus then you could say that you are quitting if you do not get the higher bonus too. You would of course have to be very clear on the redundancy terms to make sure that you don't quit and lose the redundancy because you did it too early or for some other reason.
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