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Hi all,
bit of a long one so please bear with me (1st timer so be gentle too). I was employed on a permanent basis by a company for what was initially a 12mth bridging contract back in 2014. The idea after that was to either be made redundant or TUPE across to the new service provider. To stop people seeking employment elsewhere during this 12 mth contract the company introduced a retention payment of 25% of a years salary to be paid at the end of the contract in March 2015. For various reasons the contract was extended for various periods from 1 mth at a time to 2 years. After the first year the company agreed to give us 20% of a years bonus every quarter, with the remaining 20% to accrue on top of the initial 25%. Roll forward to today this accrued bonus is over 60% of a year's salary and we have recently been told that we'll now get it in 2024. Confidence of this happening as you may expect is wearing thin. People have resigned over the past 8 years and effectively walked away from the employment, and the accrued payment. However, a couple of people have 'retired' and received it.
All the research that I have done has indicated when I can draw state and private pensions, but drawing a pension isn't in question here (I'm 52YO BTW). Retiring apparently can be done at any age.
I have asked HR about this and they reckon the distinction between resigning and retiring is when you stop working altogether. I can't see anything to back that up in fact we have contractors working for us who have previously retired. I have also asked HR if I retire will I get my bonus in line with other people who have. This has been ignored for the past week so I'm looking for some advise here from any Legal Beagle. Let me know if you need any further info. Any feedback appreciated. Have a great day.
Stewie
bit of a long one so please bear with me (1st timer so be gentle too). I was employed on a permanent basis by a company for what was initially a 12mth bridging contract back in 2014. The idea after that was to either be made redundant or TUPE across to the new service provider. To stop people seeking employment elsewhere during this 12 mth contract the company introduced a retention payment of 25% of a years salary to be paid at the end of the contract in March 2015. For various reasons the contract was extended for various periods from 1 mth at a time to 2 years. After the first year the company agreed to give us 20% of a years bonus every quarter, with the remaining 20% to accrue on top of the initial 25%. Roll forward to today this accrued bonus is over 60% of a year's salary and we have recently been told that we'll now get it in 2024. Confidence of this happening as you may expect is wearing thin. People have resigned over the past 8 years and effectively walked away from the employment, and the accrued payment. However, a couple of people have 'retired' and received it.
All the research that I have done has indicated when I can draw state and private pensions, but drawing a pension isn't in question here (I'm 52YO BTW). Retiring apparently can be done at any age.
I have asked HR about this and they reckon the distinction between resigning and retiring is when you stop working altogether. I can't see anything to back that up in fact we have contractors working for us who have previously retired. I have also asked HR if I retire will I get my bonus in line with other people who have. This has been ignored for the past week so I'm looking for some advise here from any Legal Beagle. Let me know if you need any further info. Any feedback appreciated. Have a great day.
Stewie
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