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Ben Jones
Ben Jones, UK Lawyer
Category: Law
Satisfied Customers: 74388
Experience:  Qualified Solicitor
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I wanted to check what the average retention bonus amount

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Hi
JA: Hello. How can I help?
Customer: I wanted to check what the average retention bonus amount usually is
JA: Where are you? It matters because laws vary by location.
Customer: UK
JA: What steps have you taken so far?
Customer: none, waiting for an offer
JA: Anything else you want the Lawyer to know before I connect you?
Customer: No

Hello, I’m Ben, a UK lawyer and will be dealing with your case today. I may also need to ask some questions to determine the legal position.

Customer: replied 1 year ago.
ok, what are the questions?
Customer: replied 1 year ago.
can we talk on the phone?
Customer: replied 1 year ago.
I did not realise the additional charges.. can you just answer how much retention bonus is average, expected if I am to stay with the company during difficult transitional period

Hi sorry for some reason the question was locked and I could not post on it. Please confirm you still need help?

Customer: replied 1 year ago.
please, thank you

Ok great. Just to clarify though, there is no such thing as average retention bonus because that will vary immensely depending on the job, the industry, the employee and the employer. On that basis it is not a legal question, it is one you need to be asking people in your industry. I can only help with legal issues so let me know if you have legal questions about it please?

Customer: replied 1 year ago.
The parent in US filed for Chapter. 11 and there is risk of my employer in UK going under. With this in mind, can I insist that retention bonus is paid in advance and if I do not stay for period agreed, I refund?
Customer: replied 1 year ago.
My concern is related to what will happen if employer is insolvent before the end of retention period. Is my understanding that I will only be entitled to statutory redundancy?
Customer: replied 1 year ago.
Hello?

Thank you. It is possible to agree on such a retention bonus but that will only happen wit he agreement of the employer. Whilst each industry varies, you are looking at between 15-25% of your normal pay as a target for such bonus. If the employer becomes insolvent before the retention period ends, you will indeed only be entitled to statutory redundancy, unless your contract entitled you to any enhanced redundancy payment (which may not be payable as the employer may not have the money to do so). At least with the statutory redundancy payment you can pursue that under the Redundancy Payment Service from the Government.

Does this answer your query?

Customer: replied 1 year ago.
The employer is likely to offer retention bonus to me, can I request that in view of the circumstances the retention bonus is paid in advance, and should I not stay until the end of the period I agree to refund the amount paid to me by consenting the amount to be taken out of my final pay. Can I also request that I keep the retention bonus if the employer becomes insolvent before the end of the period

All of the above you can ask for, but just be reminded that it is entirely up for negotiation between you and the employer (i.e. you have nothing stopping you from asking but you also cannot force them to accept these terms).

Does this clarify things a bit more for you?

Hello, I see you have read my response to your query. Could you please let me know if it has answered your original question? You can simply reply on here with a quick ‘Yes, thanks’ and I won’t bother you again. Thank you

Hello, not sure if you are having trouble seeing my posts? I have not heard back from you since posting my answer and just need to know if your query has been resolved. If you could please post a quick reply to confirm I would be very grateful. Thank you

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