Bonus as a part of previous earnings

harakiri · Post by **harakiri** » Sat Jun 07, 2008 3:42 pm

I will be applying for Tier 1 in Sept 08, however I am keeping all the required documents in place from now itself.

I read in the guidance note that bonus can be considered as a part of previous earnings, however this was paid to me in April 08, but was earned during Jan 07 - Dec 07 and the period I will be showing for previous earning will be Sept 07 - Aug 08. Since this is a variable part of the salary paid every year, it is not reflected in my April's salary slip.

The question now is would I be able to claim the points for bonus not earned in the period I will use for previous earnings for Tier 1, but paid during the period I will use for previous earnings for Tier 1? If yes, would a letter from Employer stating gross bonus and net bonus paid and the bank statement showing the net bonus payment credited suffice as evidence? Please note again that this payment is not reflected in my salary slip of April 08.

Cheers.

Post by **push** » Sat Jun 07, 2008 4:01 pm

What i did was to prorate the bonus for the period that I was using for earnings calculations - I also highlighted the same in my cover letter. If it is not reflectedin the salary slips, it would be advisable that you get a letter from the company stating that the bonus for the period was-xxxx and was directly deposited in your account.

regards,

push_hsmp

harakiri · Post by **harakiri** » Sat Jun 07, 2008 4:13 pm

push_hsmp wrote:What i did was to prorate the bonus for the period that I was using for earnings calculations - I also highlighted the same in my cover letter. If it is not reflectedin the salary slips, it would be advisable that you get a letter from the company stating that the bonus for the period was-xxxx and was directly deposited in your account.

regards,

push_hsmp

Sorry to be a bit pushy, but I feel that the fact it was paid in April 08, then why is it required to be prorated as they would only be concerned that it was paid in that month and that it is reflected in the letter provided by the employer and the bank statement? I can explain to them that since this is a variable performance bonus, it is not in the salary slip.

Post by **push** » Sat Jun 07, 2008 5:25 pm

I advised you to prorate the bonus as I was expecting that your employer would mention that the bonus was paid in April 2008 but earned for the period Jan 2007 to Dec 2007. However, if this makes a substantial difference to your points on the earnings criteria, you might not want to prorate it as by the same notion, you have already accrued a bonus for the period Jan 2008 till the date of application.

As there are no clearcut guidlines re the Bonus, except for that fact that it can be included in the gross earnings, it is really left to the applicant as to what he wants to do. so as I said, pro-rate it, if it does not affect your points.

kind regards,

push_hsmp

harakiri · Post by **harakiri** » Sun Jun 08, 2008 7:39 am

push_hsmp wrote:I advised you to prorate the bonus as I was expecting that your employer would mention that the bonus was paid in April 2008 but earned for the period Jan 2007 to Dec 2007. However, if this makes a substantial difference to your points on the earnings criteria, you might not want to prorate it as by the same notion, you have already accrued a bonus for the period Jan 2008 till the date of application.

As there are no clearcut guidlines re the Bonus, except for that fact that it can be included in the gross earnings, it is really left to the applicant as to what he wants to do. so as I said, pro-rate it, if it does not affect your points.

kind regards,

push_hsmp

I will be falling short of 5 points if I prorate my bonus earnings. But at the same time I also agree with you on the fact about the accrued bonus for year 2008 till the date of application and also are no clearcut guidelines for bonus earnings.

I can tell my employer to mention only the gross bonus that was paid in month of April 08 and the net amount credited to my bank account, which will be reflected in my April's bank statement and nothing about when it was earned. Then I suppose the case would be a much clearer for them as they either need this to be mentioned on a salary slip or a letter from the employer.

Apologies push_hsmp, if I'm being a bit pesky.

Thanks and cheers.

harakiri · Post by **harakiri** » Sun Jun 08, 2008 7:50 am

Or do you think it is absolutely necessary to mention in the letter about the period to which the bonus earnings applies?

Post by **push** » Sun Jun 08, 2008 9:20 am

harakiri wrote:Or do you think it is absolutely necessary to mention in the letter about the period to which the bonus earnings applies?

Not really. Simply get a letter from your employer that XXXX amount was paid to you as bonus on xxxx date. there should not be any problem as such.

kind regards,

push_hsmp

harakiri · Post by **harakiri** » Sun Jun 08, 2008 2:56 pm

Thanks very much push_hsmp.

harakiri · Post by **harakiri** » Wed Jun 11, 2008 6:19 pm

push_hsmp, i have managed to acquire a letter from my employer, but i had stated the reason that i am applying for a home loan and this has been mentioned in the letter by them as - 'This letter is issued for home loan purposes.' Would this be acceptable? I can explain this in the covering letter that I had asked for a letter from my employer when I had applied for a home loan.

Also inspite of me insisting them to mention only 'bonus' on the letter, they have stated 'annual bonus' wording in the letter as in 'he has received annual bonus paid in April 08 as under' as they say they have to mention this in line with the company policy.

The fact that they have mentioned 'annual bonus', would this create a question whether this has been earned during the period for which I will be showing my earnings for the last 12 months? However the original fact still remains, it has been paid in April 08!!

cheers.

rely · Post by **rely** » Thu Jun 12, 2008 9:45 am

Yes this is a problem beoz now it has gone beyond 12 months claim period.
rely

harakiri wrote:push_hsmp, i have managed to acquire a letter from my employer, but i had stated the reason that i am applying for a home loan and this has been mentioned in the letter by them as - 'This letter is issued for home loan purposes.' Would this be acceptable? I can explain this in the covering letter that I had asked for a letter from my employer when I had applied for a home loan.

Also inspite of me insisting them to mention only 'bonus' on the letter, they have stated 'annual bonus' wording in the letter as in 'he has received annual bonus paid in April 08 as under' as they say they have to mention this in line with the company policy.

The fact that they have mentioned 'annual bonus', would this create a question whether this has been earned during the period for which I will be showing my earnings for the last 12 months? However the original fact still remains, it has been paid in April 08!!

cheers.

Post by **push** » Thu Jun 12, 2008 9:10 pm

'This letter is issued for home loan purposes.' Would this be acceptable? I can explain this in the covering letter that I had asked for a letter from my employer when I had applied for a home loan.

The other problem is how would the HR guys respond when they receive queries from INTEGRA.You need to take HR guys in confidence not just for getting appropriate certificates and also for properly responding to INTEGRA.

Annual Bonus point may hold as we discussed above that you have earned bonus for the last 5 odd months already.

regards,

push_hsmp

harakiri · Post by **harakiri** » Fri Jun 13, 2008 4:52 pm

Thanks push_hsmp, however can I submit the letter as it states that it is issued for home loan purposes?

cheers.

Post by **push** » Fri Jun 13, 2008 6:54 pm

harakiri wrote:Thanks push_hsmp, however can I submit the letter as it states that it is issued for home loan purposes?

cheers.

You can but, If I were in your place I would have tried to conform to what is there in the guidlines and not give any, however minor, reason for the caseworker to reject my application.

I know it is difficult but one can not take chances. Tell your employer that instead on "for housing loan" they should write "at the employee's request" on the certificate.

regards,

push_hsmp

harakiri · Post by **harakiri** » Sat Jun 14, 2008 7:52 am

i told this to them, but they say that it is a company policy to mention it on the letter...which i think is bull

anyways thanks push_hsmp for all your help in this matter.

harakiri · Post by **harakiri** » Sat Jun 14, 2008 7:53 am

harakiri wrote:i told this to them, but they say that it is a company policy to mention it on the letter...which i think is bull

anyways thanks push_hsmp for all your help in this matter.

i mean a company poilcy to mention the reason for which it is issued!

Post by **push** » Sat Jun 14, 2008 9:35 am

the counter argument is - in that case why did not you request your company to issue it for VISA purpose??

See the point is, in this entire game the guy deciding your case is supreme and why give him even a slightest of doubt/opportunity to think otherwise of our application.In a normal case he may simply approve your application even with this certificate but if he has had a rough day he might sent you a rejection letter saying " you have submitted a letter from your company which has been issued for the purpose of applying a home loan so I am not entirely convinced about.........."

You surely dont want him to start looking at the points claimed for earnings due to the bonus issue. "issued for home loan purpose" may just provide him a cue. So despite submitting very valid and credible proof you might lose out. And I am in no way suggesting that this is going to happen.... just that there is a probability of rejection here... and our effort is to minimize this.

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Bonus as a part of previous earnings

Bonus as a part of previous earnings