shares allocation letter

[Brainache]

Why are part timers shares spread over 2 years ? - nowhere does it say that the £3000 limit per year is prorata .

[Zootsuit]

Thanks Fishtank, my allocation makes sense now. I was expecting around 90% of the allocation for a FT so was a bit suprised when it was less than that with a value of £2700 (less than the max allowed during this FY obviously) but with an allocation for next year as well. Now I get it. PT have been an allocation in line with FT notwithstanding that they could have gone closer to the £3000 limit. It sits in line with the statement that PT could not receive a bigger allocation than FT even though it would only have been for the period between now and Apr 14.

I was just about to go into how much money we have all made through this but I can't be bothered. That's a whole nuther discussion.

































































32

[Himaggen]

but reading the t&c here? but they'll probably be another to contradict it!

"Where an employee is not a full-time employee, and is therefore a part-time employee, the number of shares which he or she will be given will be calculated by reference to hours worked (whether as contractual hours or overtime hours) for which payment has been received in the measurement period (which runs from 10 July 2013 to a cut-off date no later than the date of the Free Share award which will be notified to you as soon as it has been decided and can be publicly announced). This number of hours will then be divided by the number of hours which a full-time employee of the same or equivalent grade and earnings period would have been contractually required to work in the measurement period. The resulting fraction will then be applied to the number of shares which a full-time employee would be given to produce the number of shares to which that part-time employee is entitled. Shares will be rounded up to the nearest whole share. No part-time employee can be given more shares than a full-time employee."

From that; The number of hours which a full-time employee would have been contactually required to work in the measurement period between 10th July and 13th October would have been 507. You appear to have been allocated shares based upon having worked for 487 contractual and overtime hours over that same period.

[korky]

but reading the t&c here? but they'll probably be another to contradict it!

"Where an employee is not a full-time employee, and is therefore a part-time employee, the number of shares which he or she will be given will be calculated by reference to hours worked (whether as contractual hours or overtime hours) for which payment has been received in the measurement period (which runs from 10 July 2013 to a cut-off date no later than the date of the Free Share award which will be notified to you as soon as it has been decided and can be publicly announced). This number of hours will then be divided by the number of hours which a full-time employee of the same or equivalent grade and earnings period would have been contractually required to work in the measurement period. The resulting fraction will then be applied to the number of shares which a full-time employee would be given to produce the number of shares to which that part-time employee is entitled. Shares will be rounded up to the nearest whole share. No part-time employee can be given more shares than a full-time employee."

From that; The number of hours which a full-time employee would have been contractually required to work in the measurement period between 10th July and 13th October would have been 507. You appear to have been allocated shares based upon having worked for 487 contractual and overtime hours over that same period.

i'd worked an absolute minimum 520 and more likely around 540 in that period,
the only way my average works out is to use the max of 39 in any given week, will have a word with manager as the 2 numbers i've called don't know exactly how its calculated

[Hitcher]

Why are part timers shares spread over 2 years ? - nowhere does it say that the £3000 limit per year is prorata .

I'd like to know the answer to this as well?

[korky]

Why are part timers shares spread over 2 years ? - nowhere does it say that the £3000 limit per year is prorata .

I'd like to know the answer to this as well?

didn't think it was? x number allocated now the rest in 5/6 months?
still a grey area on the sub-39 allocation
spoke to a couple today who probably did more hours than me in that period on similar contracts who got less than the 39/ft allocation too
Equiniti called me today and they don't have our personal details and to contact HR again
HR don't know the exact maths,
is it based on total hours worked from 10/7 to 13/10?
or is it based if i did 14 weeks, 7 at 44 and 7 at 34?
cannot find the exact formula

[dean07]

I finished this month on ihr.I, m to receive my shares but am to loose the 2014 one,s. I can cash mine in if l wish, as l am classed a "good leaver" by Royal Mail? The term "vest tax free" is used.Be nice if l could pocket over 3000 tax free.Somehow l don, t think so.

[korky]

I suspect korky that any weeks where you worked over 39hrs would be capped at 39hrs when calculating the average so unless you have worked 39hrs or above every week including any annual leave weeks then it's likely every part-timer will have less than the full-time allocation.

enquired again today,
my manager was supposed to have got a form 2 weeks ago to input all my hours to cross check, not yet received?
got told its based on an average of all hours worked from 10/7 to 15/10 (14 weeks) and HR said i'd done 48.5 on top of my 14x34hrs (476+48.5) which does tally up at an average of 37.5
yet i did 65 in a 5 week spell in the middle, + a fair bit more in the other weeks, well over the 546 hrs for a full timer,
they also said if any discrepancies are not rectified by next Tues that's it, they're lost!