Assuming you get laid off…Does anyone know the 2023 date you would still need to be employed by in order to be entitled to our bonus that would normally be paid out in March 2024?
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You're 100% NOT getting your bonus. You need to be an employee in good standing on the date the bonus is paid to get it. That won't be the case for those getting laid off since they won't be employees at all when the bonus is paid.
@1agz+1olUooUY
Well we are not TD are we? We are Schwab. TD is gone. Bye bye. Buh bye.
I know several people that were laid off in Sept 2019 and received a pro-rated bonus in March 2020. They weren’t notified prior, the $$ were direct deposited, if you have that set up for your regular and bonus pay. The timeframe for that layoff was mid-September to ensure off the books, by mid-November or mid-December if you already had an approved sabbatical.
I think it's possible to answer the question and not be rude. It TD, we were paid our bonuses (for many of us 15-20% of salary) Quarterly. That meant as long as you performed well, you got paid every 3 months. I know a bonus is not a gaurantee, but we've still been talked to like its a major part of our compensation and motivation to continue rigorous work, except now you get it all at once (granted 4 months after the year you earned it). That's why we worked so hard taking Schwab's call volume during the pandemic and (modern times in general). We had to provide more for Schwab (the company that ended ours) than schwab could manage with their bloated business model - because we get and deserve to be paid. And while TD continues to endure the least charasmatic leadership team cheer on that we're-e doing the heavy lifting to hand over our clients and company before they axe us- it would be nice to know how fairly compensated we will be. Bonuses matter- it's earned money and it's disrespectful that we don't get it unless we're around well past the time that earned it.
One interpretation of the Corporate Bonus Plan outlines several situations when employees who are active on the last day of the performance period (12/31) could be bonus eligible, provided other eligibility criteria are met. One of those situations is “has received notice of position elimination.” What this would mean is that if you are notified and still in the notice period on 12/31, one would likely receive an annual bonus payment in March in addition to severance, provided one complies with the full severance policy. So there is a chance the with an early Nov notice date, one could be eligible for a full annual bonus if awarded based on earnings. As to retirement eligibility under the plan, one receives a prorated amount based on term date, even if earlier than 12/31.
JW: Bonus FAQs ... the last section has topic on Severance and Bonus. Pretty simple topic.
Lets put it this way. If you believe you should still get your full annual bonus after being layed off, then you deserve to be on the layoff list. It's that simple.
The only way you will qualify for a bonus after getting a severance package is to qualify as a retiree. If you do the company has the option to pay you a bonus of some kind. It's up to them. If you are 55 plus with 15 years of service or 65 with 10 years of service it is considered a retirement when you leave. I know most won't qualify but some obviously will. I believe that is posted somewhere on myHR.
someone is trying to double dip
Really? Did you really not know the answer to this one?
They are doing this activity to curb the expenses. You are not entitled to Bonuses legally. Severance package is all you get.
Forget the bonus if you are on the layoff list. Don’t over think.
From experience (unless something has changed), my last day post the 60 day notification was Feb 25th.
Because I was not an active employee on the bonus pay date, I was not eligible.
The by the rule severance plan would mean no bonus. The plan they will be providing during this reduction is better than the default plan. How that makes up for or gives partial bonus payment will depend on your grade level. More to come September 18th.
You need to be employed on the date the bonus is paid to receive it.
You will get your last bonus advance for 2023, paid out in November, as that falls within the 60 days notification. Assuming layoffs happen in mid September. However, you must be employed on the day of year end bonus payout to receive the remaining annual bonus, and that happens in March timeframe.
You will not get your bonus if you are laid off. You'll get severance and that's it.
You people are delusional.
It’s legal but a terrible practice to not offer pro-rated bonuses to those impacted if not for performance reasons.
The "right" thing to do would be to give the bonus, or most of it anyway (like at least 80-90% of it) but the "f--k you" way to do it is to have you work until a month or two before the cut-off date, let you go 60 days before Dec 31st so you are off the books before Jan 1st, and then have King Charles keep 100% of the bonus. I would like to think King Charles would do the "right" thing so the loyal peasants who stay around remain loyal for years to come, but I am prepared for the "f--k you" method. We are all just peasants to King Charles. My understanding is legally, they can do the "f--k you" method, but it may cost them in the long run.
You still need to be an employee as of Dec 31, 2023 to be eligible for bonus.