Employee Handbook – HSBC Holdings plc - HSBC careers site

1.4 Pay1.4.1 Payments to YouYour pay comprises a basic salary and any entitlement to other allowances as stated in your offer letter orother communication from the Company. Any changes will be notified to you in writing or by circular. Yourbasic salary is pensionable and any allowances are non-pensionable, unless otherwise stated.Payment will be made into an account in your name with HSBC Bank plc, in 12 equal monthly instalmentson or around the 20th of each month. This means that you will be paid in arrears for work done up to the20th of each month and in advance for working from the 20th to the end of the month. However,depending on the date in the month you join the Company, the payment period and/or date of your firstsalary payment may vary.Payment is subject in all cases to statutory deductions of income tax and employee national insurancecontributions and any other deductions which the Company may be obliged to make. You will receive amonthly pay statement detailing gross pay and deductions.Further details on this are set out in the Salaries section of the HR Procedures Manual.1.4.2 HSBC Bank plc Bank AccountIt is a requirement of your employment that you maintain an account with HSBC Bank plc, into which yoursalary will be paid. For new entrants working in the Company’s Headquarters this account will usually bedomiciled within the National Sort Code (40-01-00).1.4.3 Salary ReviewThe Company reviews its current levels of pay each year. Any changes to your basic salary, which areawarded at the Company’s sole discretion, will be notified to you by letter, circular or in your monthly paystatement. An increase in a particular year does not give rise to (or expectation of) entitlement to anincrease in the following year or subsequent years thereafter.1.4.4 Discretionary Bonus AwardYou will be considered for a discretionary bonus award dependent upon your annual performance duringthe previous calendar year. Any such payment will usually be made in February. This will enable thesuccess of the Group, measured by its overall Economic Profit, to be established before discretionaryawards are announced. The discretionary award is based upon basic salary as at 31 December in theprevious calendar year. The payment and amount of any bonus award will be entirely at the discretion ofthe Company, and there is no contractual entitlement for you to receive a bonus at any time, irrespectiveof whether a bonus has been paid to you or others on previous occasions.If you leave the Company prior to the payment date or are under notice of leaving the Company but arestill employed at the payment date, you will not receive an award. This includes those employeesresigning following maternity leave.1.4.5 AllowancesYou may be eligible for certain non-contractual allowances, as are applicable at the time. Your offer letteror subsequent communications from the Company will specify the type and level of any allowance towhich you may be entitled. Any subsequent withdrawal or variation will be notified to you in writing or bycircular. Further information is provided in the Allowances section of the HR Procedures Manual.