Financial assistance to employees

sachin (Querist) 07 August 2013 This query is : Resolved
Dear Sir,

The Company intends to provide financial assistance to its employee for pursuing higher education on the condition that either the employee continues to serve the organisation for the next five years or if he intends to leave midway, he has to return the balance loan amount with penalty.

How do we document this? Can you share a draft of the agreement that needs to be executed between the Company and the employee.

Warm regards,

Sachin

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Deepak Nair (Expert) 07 August 2013
HI sachin, being a company you might have the services of well qualified and experienced lawyers. it would be advisable to avail their services for such drafts so as to make it fool proof. Please don't depend on readymade drafts available online.