Hi all,
I need some clarification on the following points.
The management has recently planned to implement the bond agreement for new joinees.
What should the min and max period for the bond and what if a employee leaves in between what should be the penality for such employee.Recovery of 3 months salary will be fine or it is just too much .
Please help me out with this.
Regards
SAlex.
From India, Mumbai
1I need some clarification on the following points.
The management has recently planned to implement the bond agreement for new joinees.
What should the min and max period for the bond and what if a employee leaves in between what should be the penality for such employee.Recovery of 3 months salary will be fine or it is just too much .
Please help me out with this.
Regards
SAlex.
From India, Mumbai
Hi Ms.Sheeba,
First of all Please consult an advocate regarding the terms and conditions of the Bond Agreement. Most of the bond terms and conditions are not valid in Indian Judiciary.
The ideal period would be around 18 months. These days most organisations are talking about 24-36 months. This will create a sense of panic in the minds of new joinees. This might drive away the real talent.
I think you can convince them for 18 months.
One more thing instead of using the word "Bond Agreement", you can think of some other phrase like "Training Agreement".
Regarding recovery amount, one cannot just ask for two/three months salary.
Try to calculate-
a. Amount spent on training the new joinee.
b. Amount which would be required to recruit and train a new person if the existing person leaves the job.
Basing on these calculations you can arrive to a particular figure. You should be in a position to defend that figure.
I hope it would be useful for you.
Regards,
Alex
From India, Secunderabad
First of all Please consult an advocate regarding the terms and conditions of the Bond Agreement. Most of the bond terms and conditions are not valid in Indian Judiciary.
The ideal period would be around 18 months. These days most organisations are talking about 24-36 months. This will create a sense of panic in the minds of new joinees. This might drive away the real talent.
I think you can convince them for 18 months.
One more thing instead of using the word "Bond Agreement", you can think of some other phrase like "Training Agreement".
Regarding recovery amount, one cannot just ask for two/three months salary.
Try to calculate-
a. Amount spent on training the new joinee.
b. Amount which would be required to recruit and train a new person if the existing person leaves the job.
Basing on these calculations you can arrive to a particular figure. You should be in a position to defend that figure.
I hope it would be useful for you.
Regards,
Alex
From India, Secunderabad
Hi I am looking for Training Agreement Format . Can anyone help me with this . As we provide training to employees and if after training employee left withing 1 or 2 months so it the cost which we spend for his/her training will be wasted so for that purpose need training agreement . So please anyone help me for same.
From Singapore, Singapore
From Singapore, Singapore
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BOND AGREEMENT and bond demand_compress ed.pdf
Training Agreement - Bond - Draft.doc