Hello Esteemed Members:
Our company is a fertile training ground for trainee Software Engineers on new technologies and we invest significantly in training and skill upgrades. On the flip side, these employees often leave for larger companies, suddenly putting us in a difficult position. We need help drafting an agreement that specifies employees who leave after training will be required to reimburse the salary and bonus they received during the first year of training.
Need urgent help!!
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Our company is a fertile training ground for trainee Software Engineers on new technologies and we invest significantly in training and skill upgrades. On the flip side, these employees often leave for larger companies, suddenly putting us in a difficult position. We need help drafting an agreement that specifies employees who leave after training will be required to reimburse the salary and bonus they received during the first year of training.
Need urgent help!!
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Dear friend,
If the training imparted by the employer to a new recruit involves the investment of time and money, asking for the execution of an employment bond mandating a minimum period of service after completion of the training, failing which reimbursement of the actual cost of training by the employee would be reasonable and within the provisions of sec. 74 of the Indian Contract Act, 1872.
However, care must be taken by the employer to fix the amount of the liquidated damages and the duration of the compulsory period of service reasonably and commensurate with the length of the training period and its actual cost incurred. The bond should be executed on a stamp paper of appropriate value.
From India, Salem
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6108If the training imparted by the employer to a new recruit involves the investment of time and money, asking for the execution of an employment bond mandating a minimum period of service after completion of the training, failing which reimbursement of the actual cost of training by the employee would be reasonable and within the provisions of sec. 74 of the Indian Contract Act, 1872.
However, care must be taken by the employer to fix the amount of the liquidated damages and the duration of the compulsory period of service reasonably and commensurate with the length of the training period and its actual cost incurred. The bond should be executed on a stamp paper of appropriate value.
From India, Salem
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Intro to Employee Training & Development - PPT.ppt
Employee agreement.doc