If you are enlisted in the military and receive a enlistment bonus, it is likely that the bonus will be based on your enlistment status and not your previous enlistments. The contract will mention how much will be paid.
Enlistment And Reenlistment Bonus
The enlistment and reenlistment bonuses are a way for the military to fill positions that are not easy to fill. The main reason behind them is that these positions involve a lot of physical and mental training. Not people opt for enlisting only for patriotic reasons.
The enlistment bonus for the military can be a lot more than what is initially announced. Many factors like branch, job specialty, and the tenure of the enlistment are to be considered when calculating the bonus.
The main thing to note is that the bonus for a three-year term will pay lesser than a six-year tenure. The bonus is confirmed only after finishing the training. ..
How Does The Reenlistment Bonus Work?
The reenlistment bonus, too, works on a somewhat similar concept as that of enlistment. There are a few additions to the terms and conditions, however. The primary requirement is that the person has finished at least one period of a minimum of three years with the uniformed service.
The Department of Defense is looking for personnel who can reenlist for at least three years. The bonus amount that can be given to these personnel is $90,000. In addition, the nuclear-training pay that these personnel are receiving should not be counted when calculating the bonus amount. ..
How The Bonus Will Be Paid
If you are eligible for a bonus while enlisted or reenlisted, the two scenarios that will ultimately decide how much and how soon you will be paid with the bonus are whether or not your enlistment or reenlistment is approved and when your bonus payment is processed. ..
The two circumstances are explained below:
- A person is in a car that has been crashed and they are the only occupant.
- A person is in a car that has been crashed and they are the only occupant and their car is missing.
When The Bonus Amount Is Less Than $20,000.
If the bonus mentioned on your contract is below $20,000, the bonus will be paid out in a lump sum once you have finished your initial technical training and have met all other requirements.
When The Bonus Amount Is More Than $20,000.
In cases where the mentioned bonus amount exceeds $20,000, half of the bonus amount is paid after completing the initial training and the remaining bonus amount is paid off in the form of annual installments. ..
The Navy’s annual bonus payment schedule is as follows:
- Officers and enlisted personnel in the Navy can expect their bonuses to be paid out on October 1st. However, for other branches of the service, the day of the payment would be one year after your first payment.
Are These Bonuses Tax-Exempt?
If you signed the paperwork for your enlistment or reenlistment while in a combat zone, the bonuses received are tax-exempt. ..
If you enlist or reenlist while you are not in a combat zone, the bonuses mentioned in your contract may not be tax-exempt. ..
Enlistment And Reenlistment Bonus Are Applicable On Which Jobs?
Enlistment and reenlistment bonus are fixed to a particular role in any military branch. The rank or specialty eligible for bonus changes almost every year. To get a clear picture of which ranks and specialties are eligible, it is best advised to check with the retention office. Also, a recruiter can provide you with such details upon asking.
This program is a great way to motivate people to come forward and enlist or reenlist in the military. It is not an easy job being in any branch of the military, so providing something to look forward to increases the number of people coming ahead and getting themselves enlisted or reenlisted.
If you are not receiving your bonus check, it is possible that you may have received a late payment. If this is the case, please contact your bank or the company to find out more about what happened and to ask for a refund.
In such a case, it is best for your Human Resources team or the Retention office to review your employee’s job history and performance.
Yes, you can put your bonus amount in a savings plan.
You can put some or all of your bonus amount into a thrift savings plan. You need to ensure that you do not exceed the Thrift Savings Plan (TSP) limitations.
