Band 4 employee here, at risk of being laid off around the first week of December, based on prior precedent. Do they still give you the year-end bonus ("variable compensation") if you are laid off in December? Or do you have to be actively employed on January 1, 2018 in order to receive 2017 year-end bonus? Thanks.
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Original poster here. Thanks, everyone, for your responses and well wishes. Same to you all.
Yes if you were slotted to get a bonus you still will get it. However, it maybe a lot less than prior year because bonus is based on ranking and if you are laid off its most likely because ranking low. You will get your bonus before February because they have to issue it within certain number of days after your effective layoff date. I was laid off in December 2015 and I received my bonus about two weeks after my effective date. Hope all goes well with you.
A few years back, I worked an entire year in a department where my production numbers were highest nationally and had the praise of off site managers. I quit after completion of the year and my last day was sometime in early in January of the following year. I did not receive my bonus. I was told it was at managers discretion, but not the off site managers' discretion as I was being transitioned to another dept. So, it was at the new managers discretion. When I found out that I would be transitioned to her team, I quietly made my exit plan. Out of spite, my bonus was withheld. The other employees thought I may be too harsh on her until they found themselves, after my exit, on her team. All quickly left in short order. I have no regrets. I later heard BOFA let her go.
What about band 5 people laid off in August?
On old manager of mine was laid off the first week of November and got a prorated amount
You'll get your bonus - but a smaller one than you'd expect.