Salaried Bonus payments are calculated on your annual salary divided by 4 and then your scheme % is applied to this amount.
Your scheme % is outlined within your Scheme letter and these are issued at the start of the financial year or your start date.
Bonus is paid following every quarter (Q1 - Q4).
DM/KM BONUS SCHEMES
Based on achievement of controllable profit target (PAID QUARTERLY PRO RATA)
PLUS 2.5% of overachievement of the site annual controllable profit target (PAID FOLLOWING YEAR END). Note: Managers in a site which employs more than 4 salaried employees (IN ADDITION TO THE GM) will receive a share of a defined profit pot.
GM BONUS SCHEMES
Based on achievement of controllable profit target (PAID QUARTERLY PRO RATA)
PLUS 5% for achievement of team turnover target (PAID FOLLOWING YEAR END)
PLUS 7.5% of overachievement of the site annual controllable profit target (PAID FOLLOWING YEAR END)
ADDITIONAL INFORMATION
This discretionary bonus scheme replaces all bonus schemes in operation.
Bonus payments are not contractual and are paid at the Company’s absolute discretion. The Company reserves the right to amend or terminate the scheme at any time.
Payment for controllable profit target achievement will be made quarterly and will normally be paid in the second pay period following the quarter end. Q1 covers Periods 1, 2, 3 and 4; Q2 covers Periods 5, 6 and 7, Q3 covers Periods 8, 9 and 10 and Q4 covers Periods 11, 12 and 13.
The Company may revisit the targets during the year and re-set a target up or down if the target setting process clearly failed to take account of realistic expectations.
In the case of redevelopments, targets will be adjusted to reflect the investment appraisal.
New starters are eligible for bonus from the day they join, and all payments will be pro-rated for completed periods worked. If the employee transfers divisions during the Quarter, then any payments will be pro-rated.
Payments can be withheld if an employee has resigned, is working notice when the bonus is due to be paid, is subject to a disciplinary warning, or letter of concern related to a risk matter during the bonus period, or has had significant sickness absence during the period.
Full or partial payment may be withheld where a business has not been properly controlled in relation to cash or stock, or the team member training programme has not been adhered to.
Payment will only be made to current employees.