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    Purpose: Minimum Weekly Productive Hour Standards Per Category

    Uploaded by

    kiranair4
    The company has implemented a bonus retention program to reward longer-serving employees who bring added value. The program provides annual bonuses at the end of each fiscal year to eligible full-time and part-time employees who complete the year, avoid warnings or issues, meet performance standards, and required productivity hours. Bonus amounts are $2,500 for full-time employees working 40 hours, $1,875 for part-time employees at 30 hours, and $1,250 for those at 20 hours, and are prorated based on hours. Temporary or casual employees are ineligible.

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    Purpose: Minimum Weekly Productive Hour Standards Per Category

    Uploaded by

    kiranair4
    16 views2 pages
    The company has implemented a bonus retention program to reward longer-serving employees who bring added value. The program provides annual bonuses at the end of each fiscal year to eligible full-time and part-time employees who complete the year, avoid warnings or issues, meet performance standards, and required productivity hours. Bonus amounts are $2,500 for full-time employees working 40 hours, $1,875 for part-time employees at 30 hours, and $1,250 for those at 20 hours, and are prorated based on hours. Temporary or casual employees are ineligible.

    Original Description:

    Procedure on how to apply Retention Bonus policy

    Original Title

    Procedure REtention Bonus

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    The company has implemented a bonus retention program to reward longer-serving employees who bring added value. The program provides annual bonuses at the end of each fiscal year to eligible full-time and part-time employees who complete the year, avoid warnings or issues, meet performance standards, and required productivity hours. Bonus amounts are $2,500 for full-time employees working 40 hours, $1,875 for part-time employees at 30 hours, and $1,250 for those at 20 hours, and are prorated based on hours. Temporary or casual employees are ineligible.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    16 views2 pages

    Purpose: Minimum Weekly Productive Hour Standards Per Category

    Uploaded by

    kiranair4
    The company has implemented a bonus retention program to reward longer-serving employees who bring added value. The program provides annual bonuses at the end of each fiscal year to eligible full-time and part-time employees who complete the year, avoid warnings or issues, meet performance standards, and required productivity hours. Bonus amounts are $2,500 for full-time employees working 40 hours, $1,875 for part-time employees at 30 hours, and $1,250 for those at 20 hours, and are prorated based on hours. Temporary or casual employees are ineligible.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 2

    Purpose

    [Company Name], in recognition of the added value longer-service employees bring


    to its capabilities and add to its complement of skills, has implemented a Bonus
    Retention Program under the terms of this policy.

    Overview

    The [Company Name] retention bonus policy operates on a fiscal year basis. At the
    commencement of each fiscal year, [Company Name] makes a determination as to
    the level of retention bonus to be paid to eligible employees who are in active status
    at the beginning and the close of the fiscal year. Thus, amounts may vary from year
    to year depending on the profitability of [Company Name]. Bonuses will be paid
    during the first pay period following the completion of the fiscal year.

    Eligibility

    Employees eligible for bonuses are those who a) complete the entire annual cycle
    stated above, b) incur no written warning(s) during the period, c) achieve a
    “Satisfactory” or above on their performance appraisal for the period, and d) meet
    weekly productive hour standards.

    Part-time employees who regularly work 20 or more hours per week are also eligible
    to participate under this policy, but bonuses paid to such employees will be prorated
    as stated below:

     Full-time employees* (1896 hours): 100 percent


     Part-time employees, at 30 hours per week* (1422): 75 percent
     Part-time employees, at 20 hours per week* (948): 50 percent

    *Minimum weekly productive hour standards per category

    Temporary, casual and nonregularly scheduled, on-call employees, regardless of the


    number of hours worked, are not eligible to participate.

    Procedures

    Each eligible employee who meets the above standards will be paid a bonus award
    as noted below:

     Full-time employees, at 40 hours: $2,500


     Part-time employees, at 30 hours: $1,875
     Part-time employees, at 20 hours: $1,250

    No pro rata retention bonuses are paid for employees who fail to meet all the
    standards in full.

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