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Can you lose your bonus?

When employees are terminated or resign before receiving their promised bonus, employers will often refuse to pay it. While companies argue that bonuses are at their discretion, courts have repeatedly sided with employees who say that bonuses can be equated to unpaid wages.

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Bonuses are incentives throughout all industries, but they are particularly popular throughout the financial industry. For many financial industry employees, a performance bonus, also referred to as “incentive compensation” or “discretionary bonus,” is a major component of their yearly compensation. These bonuses are paid at the end of the calendar year and often amount to more money than an employee’s base salary. Financial bonuses are calculated using a formula that takes the employee’s yearly profit generation into account. When employees are terminated or resign before receiving their promised bonus, employers will often refuse to pay it. While companies argue that bonuses are at their discretion, courts have repeatedly sided with employees who say that bonuses can be equated to unpaid wages.

Legal Background and Precedent

The Fair Labor Standards Act and state wage laws determine whether or not financial employees are entitled to their incentive compensation. In some cases, bonuses are considered a gratuity or benefit, while in other cases, bonuses qualify as “wages” because they are annually given to employees. In the state of New York, even an oral pay agreement made at the beginning of an employee’s career is enforceable. After all, on Wall Street, “it's all done by a handshake. Your word is your bond.”

When You Can Get Your Bonus

Litigation surrounding these disputes has confirmed the following criteria for when an employee is entitled to a bonus after termination or resignation.

When an employee has reasonably anticipated a bonus of a predetermined amount.

When an employee’s overall salary package was designed to emphasize performance pay over salary, so bonuses were an integral part of their compensation. When the bonus was measurable and reliant upon individual performance quotas that were satisfied before termination.

When the bonus was paid to most other employees.

When You Can’t Get Your Bonus

On the other hand, there are many instances in which employees are not entitled to bonus pay after termination or resignation. When bonuses are based on the discretion of managers, rather than on a performance-based formula.

When bonuses are not a significant portion of an employee’s yearly pay.

When bonuses are gratuitous, or not a regular form of compensation. A bonus only qualifies as an implied employee-employer contract when it is an annual payment. When an employer has clearly prohibited extra payments to terminated or resigned employees. When bonuses were just introduced prior to the employee’s termination, so it was not always expected. When performance criteria that entitled one to a bonus have not been satisfied.

Seek Legal Assistance

If you’ve been terminated and your employer will not pay your yearly bonus, the Law Office of Christopher Q. Davis, located in New York City, can assist you. Contact us today at (646) 430-7930 to schedule a free case evaluation and receive experienced legal counsel. You don’t pay unless we win.

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Which app is real for Bitcoin?

1. Blockfolio. Blockfolio is a free app for iOS and Android devices that allows you to manage and track your finances regarding Bitcoin and Altcoin currencies. It offers many useful tools and includes the latest news about them.

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WHAT'S THE MEANING?

Bitcoin is a cryptocurrency used in a peer-to-peer electronic payment system. The bitcoin network is designed to work as a decentralized digital currency and works without a central bank or a single administrator. The bitcoins are made when transactions are completed in the network, and these newly dug up bitcoins are given as rewards to the Bitcoin miners, who are people that help complete transactions in the network using their powerful GPUs. Using the pseudonym Satoshi Nakamoto, the original creator of Bitcoin made the first transaction, and Hal Finney, the miner who helped Nakamoto complete the transaction, was rewarded 10 bitcoins.

DID YOU KNOW?

Did you know that the Bitcoin mania has led to the creation of more than 4000 cryptocurrencies from all over the world? In 2009, Bitcoin went online and became a buzzword, opening the door to the possibilities of a cryptocurrency craze. Since then, many cryptocurrencies have sprouted, and there reports that put the number at around 4,000 types of alt-currencies created including Ethereum and Ripple. Experts are calling the mania as the Gold Rush of the new millennium. According to CoinMarketCap, the site that tracks cryptocurrencies, there are around 1500 active alt-money. The cryptocurrency economy reached their peak in January 2018 when it was valued at $830 billion, though reports in June say cryptocurrencies are now only worth $298 billion.

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