 |
|
|
 |
New Member
|
|
Jul 5, 2008, 03:16 PM
|
|
Repayment ofr sign on bonus
Hello Friends,
I have taken up employment with this CA employer, got a sign on bonus of 10K 9Net 5.7K after taxes). Per offer letter, I have to repay, If I leave before 1 year. However, the employer created unfavourable conditions, made my title look meaningless, changed my reporting manager without consulting me, etc - short story - they made me go in 7 months. Now they are asking me to re pay the sign on bonus.
Any comments or suggestions?
Thanks and appreciate your help !
|
|
 |
Ultra Member
|
|
Jul 5, 2008, 03:20 PM
|
|
A contract is a contract.
Both you, and the employer, are bound by the terms within.
Read it carefully, and completely, you may find some loophole, but I doubt it, most companies are better at covering their hind ends, than they are at treating their employee's fairly.
I think, for that kind of money, I could have put up with anything they could dish out, until I hit that 365 day mark, unless you were terminated?
|
|
 |
Expert
|
|
Jul 5, 2008, 03:36 PM
|
|
Yes, you should have stuck it out so get the check book out and write them a check. They may decide what duties you do, and can reassign your boss, So I will assume you got another job before you left, I hope it is enough money to make up the money you got to pay back.
|
|
 |
New Member
|
|
Jul 5, 2008, 03:46 PM
|
|
Well, I feel so adversely treated by them - feel like got cheated by their lies...
|
|
 |
Ultra Member
|
|
Jul 5, 2008, 03:48 PM
|
|
Welcome to the corporate world.
The best thing you can do here, is remember what you saw, heard, and learned, so it won't be so easy for the next position to follow this same path without you seeing it coming.
Live and learn, what ever doesn't kill us, only makes us stronger.
|
|
 |
Uber Member
|
|
Jul 5, 2008, 05:07 PM
|
|
 Originally Posted by kshridharan
well, I feel so adversely treated by them - feel like got cheated by their lies...
Did a legal representative look over the contract on your behalf before you signed it?
|
|
 |
Expert
|
|
Jul 5, 2008, 05:13 PM
|
|
I could write a book and how the corporate world can do people dirty, I worked for years in positions where I was the one that had to figure out how to do the things company boards and presidents wanted done, how to fire people even if they were union members, ways to get around contracts and more. And in turn I have been mistreated in ways you would never believe. So sadly this is just a taste of what you will often find in a lot of large corporations. I have worked for many and to be honest they have all had their evil natures.
|
|
 |
New Member
|
|
Jul 5, 2008, 05:14 PM
|
|
No,
No legal expert. However, the employer made the conditions not conducive to perform the tasks - such as- re positioning my role, changing my reporting manager to some one less experienced, may be alouzy office space, etc. I was told that some of these are treated as breach of contract from the employer side and once they do that they can not enforce the other person to fulfill this (sign on bonus..
|
|
 |
Uber Member
|
|
Jul 5, 2008, 05:20 PM
|
|
 Originally Posted by kshridharan
No,
no legal expert. However, the employer made the conditions not conducive to perform the tasks - such as- re positioning my role, changing my reporting manager to some one less experienced, may be alouzy office space, etc. I was told that some of these are treated as breach of contract from the employer side and once they do that they can not enforce the other person to fulfill this (sign on bonus..
No surprise and since they wrote the contract and you didn't have anyone review it I'm sure it's 100% in their favor -
I don't know who told you that there are beaches of contract here which will enable you not to pay back the bonus - it seems the terms of the contract are pretty clear. If you leave before a year, you repay the bonus. You left. You owe the bonus. The time to complain about conditions was when you were still working there - although I really don't think it would make a difference.
If you pursue this I think you will have to pay the bonus PLUS legal fees and disbursements.
|
|
Question Tools |
Search this Question |
|
|
Add your answer here.
Check out some similar questions!
Sign-on bonus repayment
[ 1 Answers ]
I received $11,500 in sign-on bonuses with a company in 2006. Now in 2008 I have to pay that back plus 8% interest per year. I am wondering how I can recoup the money I paid in taxes on the bonuses. Please also note that in 2005 my husband and my income was around $73,000. In 2008 I believe it...
Tax implications of sign on bonus repayment
[ 1 Answers ]
I signed an offer letter in California that included a $12,000 sign on bonus. If I leave before 1 year, I will owe the full $12,000.
I paid about $5,200 in taxes on the sign-on bonus. These taxes were taken out of my first paycheck with the company. It has been eight months, and I feel that...
Repayment of Sign On Bonus
[ 1 Answers ]
I received a $5,000 sign on bonus. With taxes and everything taken out I received $2872.50. I haven't cashed the check and will be returning it within a month or so of my hire date, which is still in the same fiscal calendar year. My question is this do I have to pay back the $5,000 or can I just...
Repayment - Sign On Bonus Repaid
[ 5 Answers ]
I had sign-on bonus $5000 received ($3500 after tax) in 2005 and I left my job in 2006 that I repaid $2370 back to the company. According to IRS Pub. 525, I should be able to claim the repayment back. The following stated repayment clause:
Repayments
If you had to repay an amount (less than...
Sign on bonus repayment
[ 1 Answers ]
I have to repay my sign on bonus because I resign from my job before I had completed 1 year of employment. My sign on bonus was $5,000 gross and $3,217.5 net after tax (which I received). My company asks me to pay back $4,617.5. I don't understand why I should reimburse more than the net I have...
View more questions
Search
|