Hello, My company is going to sponsor (50%-50%) for the higher education of an employee of our company, and please help me create an agreement for this. Thanks in advance.
From India, Noida
From India, Noida
Dear Priyanka,
You are going to sponsor half of the education course fee that employee will do. However, have you asked employee to put up proper application that will give details of the course? What type of course it is, what is the duration, is it full-time or part time and above what is the fee structure? By doing this course how the employee will get benefited and will there by value addition by the employee in his/her day to day work? If yes, in what way? Tell him to attach course brochure to this application.
Once you receive the application from the employee, you will have to design the legal agreement. In the preamble give details of the employee, then give details of the course. Later include the following:
a) Company will pay him part of the course fee. How will it be paid? Directly to the the institution/university or to employee's personal account? If latter then what will be tax liability?
b) What if the employee abandons the course in between? Will you ask for the refund of your portion of fee?
c) On completion of the course, are you going to put a clause on compulsory serving in the company for certain number of years?
d) The amount that company will pay, is it refundable or non-refundable? If latter, then refund in how many instalments?
For further queries, feel free to contact me.
Thanks,
Dinesh Divekar
From India, Bangalore
7879You are going to sponsor half of the education course fee that employee will do. However, have you asked employee to put up proper application that will give details of the course? What type of course it is, what is the duration, is it full-time or part time and above what is the fee structure? By doing this course how the employee will get benefited and will there by value addition by the employee in his/her day to day work? If yes, in what way? Tell him to attach course brochure to this application.
Once you receive the application from the employee, you will have to design the legal agreement. In the preamble give details of the employee, then give details of the course. Later include the following:
a) Company will pay him part of the course fee. How will it be paid? Directly to the the institution/university or to employee's personal account? If latter then what will be tax liability?
b) What if the employee abandons the course in between? Will you ask for the refund of your portion of fee?
c) On completion of the course, are you going to put a clause on compulsory serving in the company for certain number of years?
d) The amount that company will pay, is it refundable or non-refundable? If latter, then refund in how many instalments?
For further queries, feel free to contact me.
Thanks,
Dinesh Divekar
From India, Bangalore
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SECURITY AGREEMENT.doc