Bonuses (production) policy template

£ 20

Use this policy to detail how the production bonus scheme works, including eligibility and payments.

This policy has three parts: an 'overview' that explains what it's about, 'scope' which details who it applies to, and 'general principles' that list the main rules it follows.

Why this policy is necessary

The purpose of this Bonuses (production) policy template is to provide you with a flexible and customisable document to serve as a robust and effective starting point for you.

By using our Bonuses (production) policy template, you can streamline your process, maintain consistency and accuracy, and save time, and it can be easily adapted to fit your specific scenario.

Specifications

Reading time icon
Time to read / prep / use
5 mins
Document specs icon
Word count / length
300 words, 2 pages A4
Date last reviewed icon
Date last reviewed
1 June 2024
bonuses (production) policy template

Bonuses (production)

Overview

The purpose of this policy is to detail company / employee bonuses.

Scope

This policy is applicable to all employees of [company name].

General principles

You shall be entitled to participate as from [date] in the production-based bonus scheme for the time being in force. The rules of the scheme may be varied from time to time at [Company]'s discretion. The details of the bonus scheme can be found in [the staff handbook.]

[Company] reserves an absolute discretion to terminate the bonus arrangements applicable to you without notice at any time or to exclude you from participating in the bonus arrangements for any reason.

The intention of the bonus scheme is to stimulate motivation and provide a fair return for additional effort. However, there are circumstances when payment may not be justified or possible. Consequently the scheme is defined as discretionary and ex gratia and does not form part of your contract of employment.

[OR

You will be entitled to receive a bonus calculated by reference to the number of units you produce each [week/month] in excess of your agreed production threshold. Bonus payments will normally be paid with your [weekly/monthly] wages within one month of exceeding your agreed production threshold. Bonus payments will be taxed at the same rate as normal remuneration. [Company] reserves the right to terminate or amend the bonus scheme without notice at any time or to exclude you from participating in the bonus scheme for any reason.

The bonus will be paid at a rate of [[amount]p per unit] for [the first [number] units] produced above target and [[amount]p per unit] for any additional units produced above target. [The bonus will be paid based on work performed during the peak season, which begins on [date] and ends on [date] of each year.]]

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This policy [does not] form[s] part of your terms and conditions of employment.

Version: [1.0]

Issue date: [date]

Author: [name, job title]

Why choose our Bonuses (production) policy template?

Our content:

Is easy to edit and execute, with comprehensive implementation guidance.
Is designed by accredited, experienced HR practitioners.
Maintains your compliance with ACAS guidelines, legislation, and industry best practices.
Includes 12 months access to your purchase, with email alerts if updated or expanded.

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