Common use of VARIABLE BONUS Clause in Contracts

VARIABLE BONUS. (1) The Company and the Union shall negotiate on the variable bonus yearly. The variable bonus shall be payable each year, subject to the Company's performance. The payment shall be made as a one-off lump sum payment and shall be payable on the third quarter of the calendar year just after the end of each financial year. (2) Confirmed employees who have less than one year's service in the Company shall be entitled to a pro-rated variable bonus. (3) Staff who tendered their resignation before the payment of variable bonus may not be entitled to such payment.

VARIABLE BONUS. (1) The Company and the Union shall negotiate on the variable bonus yearly. The variable bonus shall be payable each yearpayable, subject to the Company's performance. The payment shall be made as a one-off lump sum payment and shall be payable on the third quarter of the calendar year just after the end of each financial yearyear in July. (2) Confirmed employees who have less than one year's service in the Company shall be entitled to a pro-rated variable bonus. (3) Staff who tendered their resignation before the payment of variable bonus may not be entitled to such payment.