My offer letter from HCL has two variable pay components-
1) Performance bonus
2) Engagement PB(paid monthly).
Do I expect the second one to be paid monthly and the first one once a year?
Also they have flex basket and food wallet, are these also paid monthly?

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This is correct

Please note, PB is received only once and there is no transparency on what percentage will be received.
Monthly bonus is also to be returned if you leave before your next increment due date.

See, if you have received this component as AMPB, Advance Monthly Performance Bonus, all the amount received will be deducted if you resign before your increment due date.

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