Retention Agreement Of
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FAQ
When writing a retention bonus letter, make sure you keep it short and simple. Start by showing that you value the employee before moving into the details of what the retention bonus is. Offer a way for the person to show interest in the offer so that you can move forward with them signing the agreement.
A retention bonus can be delivered as a lump sum or divided over a period determined in the contract. As for the amount, this varies; the average retention bonus is between 10-15% of an employee's base income.
An employee receives a $20,000 retention bonus in Year 1. The bonus must be paid back pro rata if the employee leaves the company before Year 5. The retention bonus was included on the employee's Form W-2 and subject to all required withholdings (federal and state income tax and FICA) in the year of payment.
The average retention bonus is between 10-15% of an employee's base income, but the amount can go up to 25%. Employers must consider why they are giving the retention bonus to determine the amount given.
What are retention agreements? Retention agreements are contracts that entice top-performing employees to stay. The agreements provide financial incentives to persuade employees to remain after a merger or acquisition. Retention agreements often surface in merger and acquisition (M&A) scenarios.