Employment Contracts · glossary
The £12,000 Cressby pays Esme with her first salary, for the bonus she gives up by leaving her current employer. If she resigns or is dismissed for gross misconduct in her first 6 months, she repays all of it. In the next 6 months, she repays £6,000. Contract 10.1 · Chapter 4 · see Deduction from pay
Explained in Chapter 4, Salary, Bonus and the Sign-On Payment, of Employment Contracts.
A senior hire often loses money by moving. Esme will leave her current employer before its bonus pays out. So Cressby pays her a sign-on payment of £12,000 with her first salary, to make up for that bonus. Lawyers call a payment like this a buy-out.Read Chapter 4, Salary, Bonus and the Sign-On Payment →
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