To ensure smooth payroll operations and compliance with financial regulations, Omnipresent is introducing a new policy for large bonus payments. Effective February 2025, any bonus payments exceeding the following thresholds will require pre-funding before processing:
£10,000 equivalent per employee per payroll cycle
£30,000 equivalent per company per payroll cycle
Why Is Pre-Funding Required?
Pre-funding ensures that we can process large bonus payments seamlessly and without delays while maintaining compliance with financial and operational requirements. Large transactions often require additional scrutiny from banks and regulatory bodies, and pre-funding helps us mitigate risks and ensure timely payments to your employees.
Key reasons for implementing this policy include:
Compliance with Financial Regulations: High-value transactions are subject to stricter oversight. Pre-funding ensures that we meet regulatory requirements while maintaining the integrity of our payroll system.
Risk Mitigation: By securing funds in advance, we can reduce the risk of payment delays or issues arising from unexpected banking restrictions or processing constraints.
Error Prevention: In the event where an error was made in the bonus submission process, a pre-funding flow acts as a stopgap to make sure that the incorrect amount is not paid out to the employee.
How Pre-Funding Works
Submission: The deadline for submitting these bonuses is:
1st of the month for employees with a 6th cut-off date
6th of the month for employees with a 15th cut-off date
Notification: If your bonuses exceed the stated thresholds, you will receive an email notification indicating that pre-funding is required.
Pre-Funding Process: You will receive an invoice for the items requiring pre-funding. To proceed, you must transfer the pre-funding amount to Omnipresent’s account before the payroll cut-off date (6th or 15th).
Payment Execution: Once pre-funding is confirmed, the bonus payments will be processed as part of the normal payroll cycle. If the funds are not received by the payment deadline, the bonus will not be included in that month's payroll cycle.
What You Need to Do
Review Planned Bonus Payments: Evaluate any upcoming bonus payments to determine if they exceed the specified thresholds.
Submit Before Deadline: Ensure you submit variable pay by the deadlines listed below:
1st of the month for the 6th cut-off date
6th of the month for the 15th cut-off date
3. Meet Pre-Funding Deadlines: Transfer funds for pre-funding by the agreed-upon date to avoid any delays in payment processing.
6th of the month for the 6th cut-off date
15th of the month for the 15th cut-off date
Cut-off Date | Large Bonus Submission Deadline | Payment Deadline |
6th | 1st | 6th |
15th | 6th | 15th |
We understand that this policy introduces an additional step, but it is essential for maintaining compliance and ensuring the reliability of our payroll services. Should you have any questions or require further clarification, please don’t hesitate to reach out to your Omnipresent contact or our Support team at help@omnipresent.com.
Thank you for your cooperation and continued trust in Omnipresent. We are committed to providing the best possible payroll experience while adhering to global financial standards.