I joined a PSU in May 2010. After 10 weeks classroom training in a batch of 35, there was a 4 weeks field training (which was nothing but I performed the regular duty without TA/DA). Then I was appointed on adhoc basis with a probation of two years. Since then I have been working and during the time I underwent my phase-2 training of 8 weeks. As per my date of appointment i.e. 07/08/2010, I would complete my 5 years on 07/08/2015. During the time of joining, I was asked to execute a bond for a period of 5 years amounting to Rs. 2 lacs with 18% interest. Now I wish to pursue MBA this year, but the college will start from June 2015, so I will have to break the bond since I will fall short by 2 months in completing my 5 years.
Now the problem is that, in my company different units, different circles are calculating bond amount in different ways. Last year a friend of mine resigned to pursue MBA from UP circle and he was asked to pay proportionate bond amount of Rs. 40,000 + 18% interest (since his 1 year was left in completing bond). This year another friend is leaving and joining Freight Corridor, but in HP circle, he is being asked to pay whole 2 lacs with interest @ 18%, amounting to Rs. 4.5 lacs, while only 6 months of service is left to complete the bond(although he doesn\'t care coz he is not paying, his bond is getting transferred).
Now I\'m ready to pay the bond if it is proportionate, 2 months amount. I would be completing 4 years 10 months. I\'m not sure if they will ask for the proportionate amount as I\'m from HP circle. The UP circle letter does not state the bond amount calculation, it just state this much amount is to be recovered.
Can a bond amount increase with the period of service? Shouldn\'t the bond be proportionate. Does this make sense that the person who leaves just after training is to pay less, while the person who provides his continuous service for more than 4 years pays more? If 5 years service nullifies the bond, then isn't 4 years 10 months worth something?
Please help. I\'v got calls from IIMs, don't want to leave this opportunity. The work culture here is worst.
Thanks.
