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Anonyms Person (Programmer)     11 September 2013

Money bond between employee and employer

Respected Members,

    I am currently working with a IT company. When I joined the company in March 2012 I have signed a Bond Agreement on 100 Rs Stamp paper for the period of 2 years with the amount of 2 Lacs. Now I had served more than 1.5 years with the company.

The promises made by company to me at the time of interview :

1. They will increase my salary after 6 months. They have not reviewed the salary uptill now.

2. I will be considered for General Appraisal  after 1 year of service with the company. But still now after 1.5 Years Appraisals not done. When we ask with HR they told us its under process. Management is working on it.

3. Incentives are defined for each quarter in a year. I received my last incentive was the period of Jul-Sep 2012. After that neither of I or any of my collegue received incentives from the company. When we ask they tell management is working on it.

 

Now I am very much frustrated from the company rules and policies. They call us CMMI level 3 company. I really don't know whether this level company do work like that.

Now please tell me what will be the consequences if I break the BOND Agreement. Please help me with this topic.



Learning

 2 Replies

M.S.R.Murty ( Manager (Admn))     11 September 2013

Dear Sir,

Why don't you give formal notice to the Company by explaining setbacks in agreement?

Kumar Doab (FIN)     12 September 2013

Mr. Murthy has given valuable advice. Kindly follow it.

You may notify the employer properly on setbacks and breaches by employer………………..

Has the company stated system of appraisal, increments in wages, incentives in appointment letter or in writing even if by emails………………..???

After Sep2012 have you and other employees qualified for incentives as per policy and if yes have you ever demanded the payment of incentive in writing?

What is the reply of the company in writing?

Or have you ever raised such issues in writing even if by emails………………..and do you have the copies???

Get into the habit of raising such issues in writing and to keep copies and POD.

The money bond that you have mentioned is created in lieu of what favor by the company to YOU?

Has the company given you some money, training, payments for education?

If the company has not given anything in lieu of which it had expected you to sign the bond, the company may not succeed.

It shall be appropriate to approach your lawyer. The lawyer that has seen all of your docs including job advertisement, interview call letter, selection letter, offer letter, appointment letter, standing orders, HR policy, incentive policy, policy on appraisal/increments, money bond, all communication exchanged with company  can advice you the best. 

 

In the meantime you may find the attachments useful.


Attached File : 60305034 417759075 validity of employment bonds.pdf, 60305034 background paper.pdf downloaded: 474 times

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