Do you get a 13th Cheque/bonus?

Get 13th check on the 14 december, get my december pay on the 21st (includes bonus) of december and get another bonus on the 21st of december as well.
 
R13... said:
Surely, this is part of most people's packages these days and companies let you decide when you take it?
Click to expand...

A 13'th cheque could be, but a bonus is meant to be a discretionary payment based on a mix of individual, company performance. Although a lot if companies mix the terminology.

If you don't get a 13th cheque and for preceding years you did and this year others got a 13th cheque, you could argue that you are legally entitled to it, but if you don't get a bonus, and others do, then that's a more difficult argument, unless you can prove that there are standards that you met that would qualify you for that bonus.
 
For us 13th cheques are optional and they deduct 1/12th of your salary monthly for the year and give it to you at the end of the year. I don't do that. I would rather have my money each month. Bonuses are performance based. If you do OK you get perhaps one month salary. If you do great you can get up to 3 months salary. I have always gotten a bonus in the past 7 years but most years its around 1 to 1.5 times my monthly salary. Only in the brilliant years did I get more. Not sure about this financial year as we only get it in March.
 
VioletF said:
13th cheque.

I have the option of getting it at the end of the year, but prefer to have it divided into 12 and paid out every month.

They explained to us that if we pick the lump sum at the end of the year, they wouldn't earn interest on our money (for some or other reason that I can't remember, but think has to do with the balance sheet or something) but I'm still not comfortable with that idea. :)
Click to expand...

Thirteenth cheques are a pain for employers. Strictly the money should be put in a provision account during the year. It seldom is, meaning that at year end double salaries are paid, and income drops due to the holidays.

Much better for all concerned to consolidate it into salary and pay monthly.

At the place that my daughter works, they were given the option of consolidating into salary. Half of the staff did, half didn't. The ones that did now get overtime pay on their bonus when overtime is worked, plus the possible benefit of extra interest on the bonus during the year.
 
HavocXphere said:
Its not a bonus if its structured into your package.
Click to expand...
Do people receive a guaranteed fixed bonus? In which case, it is part of your cost to company and they may as well let you structure it any way you see fit. An incentive bonus on the other hand is a different kettle of fish and can't be guaranteed.
 
Get a 13th check (1 months pay) that is part of CTC and can be structured as you like. We also get a profit-sharing bonus that gets paid out if the company performs above a certain level and also depends in part on performance evaluation. In an optimal year that would be roughly monthly salary x 3.
 
Performance based incentives
Long term incentives (bonus awarded now but only paid out over next few years)
 
13th Cheque? I don't even get 1-12. Who the heck still uses cheques anyway? :confused:

Anyway I'm self-employed. If I want to get paid for an extra month I have to work an extra month in a year and I haven't figured out how to do that yet.
 
bwana said:
13th Cheque? I don't even get 1-12. Who the heck still uses cheques anyway? :confused:

Anyway I'm self-employed. If I want to get paid for an extra month I have to work an extra month in a year and I haven't figured out how to do that yet.
Click to expand...

Easy: sleep less.
 
You must log in or register to reply here.
Back
Top
Sign up to the MyBroadband newsletter
X