Performance Bonus

[emee1008]

What is the name of your state? OH

At the end of December I will be laid off from a public company based in Illinois. Every year there is a performance bonus paid based on how well the company has done. This year they are looking at about a 5% bonus for the year 2005.

My question to you is,,bonuses are paid out in March for performance of the prior year. Since I will be laid off as of December 31, will I be eligible for that bonus even though I will not be working at the firm in March.

emee

 

[Beth3]

emee, that depends entirely on the particulars of your employer's bonus plan. Some plans specify that the employee must be employed as of the last day of the quarter/year; other plans specify the employee must also be employed the date that the bonuses are distributed.

You really need to discuss this with your employer.