Consumer Law, Warranties Repay signing bonus?

[hearmenow]

Hello everyone. I have a question that I am hoping someone on here who's qualified can answer for me. I started at a company about 10 months ago and received a sign-on bonus of $10k with the stipulation that I remain with the company for at least one year or the bonus is repayable. This was outlined in an offer letter that was emailed to me but never signed. Anyway, I have been offered a much better position and my new employer is willing to have me start after my one year anniversary passes with my current employer. Here is my question: I intend to inform my current boss of my resignation 2 weeks before I actually leave but with an effective date AFTER my anniversary. So technically I will still be an employee on my anniversary date, even though I would be leaving the company the day after. Can I be held liable for the repayment of the bonus because I announce my resignation before my anniversary date? Remember, my last day will be after one year of service. I would appreciate any insights. Thanks in advance!

 

[iconridge]

Hello everyone. I have a question that I am hoping someone on here who's qualified can answer for me. I started at a company about 10 months ago and received a sign-on bonus of $10k with the stipulation that I remain with the company for at least one year or the bonus is repayable. This was outlined in an offer letter that was emailed to me but never signed. Anyway, I have been offered a much better position and my new employer is willing to have me start after my one year anniversary passes with my current employer. Here is my question: I intend to inform my current boss of my resignation 2 weeks before I actually leave but with an effective date AFTER my anniversary. So technically I will still be an employee on my anniversary date, even though I would be leaving the company the day after. Can I be held liable for the repayment of the bonus because I announce my resignation before my anniversary date? Remember, my last day will be after one year of service. I would appreciate any insights. Thanks in advance!

I have been in a similar situation. My advice to you is to make absolutely sure you remain fully engaged on staff for one year and one day after your official start date. Absolutely sure.

Your employer is not obligated to continue your employment under any circumstances, and certainly not if you have given notice that you are going to leave. Think about it, dude. If your boss knows you are leaving in two weeks, and he can fire you today (or 13 days from now) and save himself ten thousand dollars, what do you think is the most likely outcome?

Repaying a signing bonus is especially heinous because you will have to pay back more than you received. You will be responsible for the taxes as well. I ended up being on the hook for about 20% more in real dollars than the amount I actually received.

My advice to you is to verify your official start date. Work there with your mouth shut until one year and one day after that date. Then tell them you are leaving. Then get your stuff and split. Make absolutely sure you are absolutely accurate about your official start date. They will try to dick you around on this too. Maybe you came in a week before your start date for some orientation or training or whatever and you think that was when you started, but if they can find some way to screw you, they will.