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If your organization has a policy of paying out a bonus (sometimes called as performance-based pay or simply variable pay), you need to ensure that your salary offer mentions this fact. While most salary offers do mention this fact, you need to watch out especially when you’re given a salary increment — your increment letter should mention any changes in your bonus/variable pay.
I’ve witnessed a couple of friends for whom the change in bonus/variable pay wasn’t mentioned in their salary increment letters and who a few months later when looking for new jobs found it tough to prove this fact.
Tip Tuesdays is my initiative to share practical personal finance tips — every Tuesday. I’d be delighted if you could share a tip or two from your own experiences. Drop a comment to submit your tip. And, as always, do spread the word if you find this useful.
Thanks for reading this article. I'd love to hear your opinion. Please use the comments section below to share your thoughts. I frequently write new articles that also cover several other aspects of personal finance including credit cards, financial goals, health insurance, income tax, life insurance, mutual funds, retirement planning, and much more. You can Subscribe through Email and receive new articles directly in your Inbox or you can Subscribe through the RSS Feed and receive new articles in your feed reader.