Bond
Guest
(Querist) 03 September 2011
This query is : Resolved
Hello,
I have been working in a company for 1 year,right now the company position is not good .I have signed a bond for 3 yrs and it is specified in the bond that i have to give 4 month notice period.I want to know that if they remove an employee do they have to pay the 4 month full salary or 4 month basic salary?.I want to pursue MBA in the future
ajay sethi
(Expert) 03 September 2011
it depends upo n the wordings of bond executed by you . if the bond contains a clause that comapny can terminate services of employee only on payment of 4 months salary then the company would be bound to pay you the same
prabhakar singh
(Expert) 03 September 2011
be guided by the agreements' narration or attach the same for our interpretation.
Guest
(Querist) 03 September 2011
Hello,the bond amount that i have to pay if i leave consists of 4 month salary + training amount of 1 lac.Will this change anything with regard to my query above.
Guest
(Querist) 03 September 2011
I have heard that company pays the employee the notice period salary when the employee resigns (in some cases) or is terminated
ajay sethi
(Expert) 03 September 2011
everything depends upon terms of agreement
Guest
(Expert) 03 September 2011
Dear Anonymous,
Nothing, what you heard, can serve your purpose unless you try to see the terms have mentioned in the bond or your offer cum appointment letter, as to what has been specified about company's part for termination of service of employee. If there is any such clause that the company would also pay four month's salary in lieu of notice period then only you can take that as granted, otherwise no guess would work.
Shastri J.K.
(Expert) 03 September 2011
I agree with mr.ajay sethi.
Guest
(Querist) 03 September 2011
One final doubt Can any company have a clause in its agreement that says if the performance of some employee is not good then the employee may be terminated and then the employee has to pay some amount to the employer?Can the company have a clause that says the employee has to pay back the training expenses incurred by the company if his performance has not been good.
K.S.Srinivas
(Expert) 03 September 2011
I agree with expert Dhingra.
Guest
(Expert) 04 September 2011
About your subsequent question about termination by company on non-performance basis, the employee is not liable to pay anything on termination made by the company. Any bond amount or notice period pay becomes paybale on the part of employee ONLY when he resigns at his own and that too, if he is not able to fulfill the conditions of appointment or bond.
Guest
(Querist) 04 September 2011
@expert dhingra thank you very much for your reply.
