Recently my brother switched his job. The company had a notice period of 2 months but with mutual discussion the employer agreed to buyout of notice period. The current employer also confirmed for the same {request initially raised by the current employer}. Now they are asking for 3 months incubation time on the reimbursement of the same. Also, they want him to fill a joining bonus form which is more like a bond for one year. It states that
“At my request, as a special case, it has been very kindly consented by XYZ company to
grant me Bonus of Rs. _________________ (Rupees __________________________________________________ _
__________________________________________________ ______________).
By accepting the Bonus, I am also committing myself to serve XYZ company for
a period of at least one year. I agree to refund the entire amount of Bonus of Rs._________________
(Rupees___________________________________________ _______________________________).
If I, on my own volition,resign or leave the organization within the period of one year from date
of joining.
I agree that the grant of Bonus is ‘a onetime grant’ and will not be construed as part of the
package (CTC) and I shall have no claim on such Bonuses during the course of service with
XYZ Company. “
The amount here would be equal to the amount he paid for buyout and has been confirmed by the HR that he needs to fill this form to get reimbursement of the NP buyout amount.
My questions are:
1. Can a Notice period buyout amount be reimbursed in the form of bonus?
2. Is it correct to get a bond signed in return of reimbursement of the buyout amount.
3. What are the steps that can be taken in this regards.
Any suggestions would be greatly appreciated.
Regards
Vimal
From India, Bangalore
“At my request, as a special case, it has been very kindly consented by XYZ company to
grant me Bonus of Rs. _________________ (Rupees __________________________________________________ _
__________________________________________________ ______________).
By accepting the Bonus, I am also committing myself to serve XYZ company for
a period of at least one year. I agree to refund the entire amount of Bonus of Rs._________________
(Rupees___________________________________________ _______________________________).
If I, on my own volition,resign or leave the organization within the period of one year from date
of joining.
I agree that the grant of Bonus is ‘a onetime grant’ and will not be construed as part of the
package (CTC) and I shall have no claim on such Bonuses during the course of service with
XYZ Company. “
The amount here would be equal to the amount he paid for buyout and has been confirmed by the HR that he needs to fill this form to get reimbursement of the NP buyout amount.
My questions are:
1. Can a Notice period buyout amount be reimbursed in the form of bonus?
2. Is it correct to get a bond signed in return of reimbursement of the buyout amount.
3. What are the steps that can be taken in this regards.
Any suggestions would be greatly appreciated.
Regards
Vimal
From India, Bangalore
When they reimburse the N.Period buyout, their condition for min one year service seems to be reasonable. It can be called as spl. bonus or joining bonus but taxable at the hands of employees. Pon
From India, Lucknow
604From India, Lucknow
But as far as i am aware, joining bonus and notice period buyout reimbursement are two distinct terms. Joining bonus is something that the companies provide as token of appreciation and notice period reimbursement is something which is being repaid to the employee who invested his salary/savings to get relieved at the earliest from his current job after the confirmation of the new employer. And disguising a bond in the name of bonus would not be fair i guess. And this was a special scenario, the employer forced a buyout, notice period was reduced to 1 month from initial 2 months without buyout by the previous employer. Other employees have not signed any bond of this nature, so do you think, it is right in this case?
From India, Bangalore
From India, Bangalore
Just a quick query. are the taxes same in case of bonus and reimbursement in form of salary?
From India, Bangalore
From India, Bangalore
Did they promise him a joining bonus ? If not, then given the the fact that they are giving the same among to him, what is your problem ? Or do you think they should be giving him a joining bonus also though never offered ?
On the matter of one year working, I think that is fair. They are paying extra to get you in. What use is it to them if you do not work there for at least a year ?
From India, Mumbai
On the matter of one year working, I think that is fair. They are paying extra to get you in. What use is it to them if you do not work there for at least a year ?
From India, Mumbai
1. bond definitely amounts to forced labour (no two questions about it)
2. "I shall have no claim on such Bonuses during the course of service"..
this points needs further inputs on the philosophy/ policies of the said company
foregoing future benefits without a careful thought is not a good idea
From India, Delhi
2. "I shall have no claim on such Bonuses during the course of service"..
this points needs further inputs on the philosophy/ policies of the said company
foregoing future benefits without a careful thought is not a good idea
From India, Delhi
LOL This is really funny.
You expect the company to pay for the notice pay that you should have been paying from your pocket and are not willing to work for a year there.
Why should they pay for your notice pay if you are not wiling to work for them at least for a year.
From India, Mumbai
You expect the company to pay for the notice pay that you should have been paying from your pocket and are not willing to work for a year there.
Why should they pay for your notice pay if you are not wiling to work for them at least for a year.
From India, Mumbai
Also, i hope you realised that the word "such bonus" talks of your joining bonus. And that you will not be eligible for getting joining bonus again during your employment. This is not refering to normal annual bonus
From India, Mumbai
From India, Mumbai
this message goes for id "saswatabanerjee"..
first things first, put a name so that people can address you correctly.
-------------------------------------------------------------------------------------------------------------------------------
next part is the 2 sentences that you mentioned ....
Also, i hope you realised that the word "such bonus" talks of your joining bonus. And that you will not be eligible for getting joining bonus again during your employment. This is not refering to normal annual bonus
is the same explicitly written down ?
my dear friend, today's lesson is read about different kinds of "bias"..
find someone with a good knowledge of quality and learn...
and its relevant to your profession...
From India, Delhi
first things first, put a name so that people can address you correctly.
-------------------------------------------------------------------------------------------------------------------------------
next part is the 2 sentences that you mentioned ....
Also, i hope you realised that the word "such bonus" talks of your joining bonus. And that you will not be eligible for getting joining bonus again during your employment. This is not refering to normal annual bonus
is the same explicitly written down ?
my dear friend, today's lesson is read about different kinds of "bias"..
find someone with a good knowledge of quality and learn...
and its relevant to your profession...
From India, Delhi
i dont want to sound rude:
to brief you on my background in quality, am trained in COPC/ ISO 9001/ EMS 14001/ OHSAS 18001/ ISO 27001/ WRAP/ IEC 17025/ Six Sigma champion/ GMP/ GHP/ HACCP etc...
you are always welcome if you wish to share something and you are always welcome if you wish to ask something...
if you want someone to engage in idle chat/ pointless discussions,
kindly excuse me...
From India, Delhi
to brief you on my background in quality, am trained in COPC/ ISO 9001/ EMS 14001/ OHSAS 18001/ ISO 27001/ WRAP/ IEC 17025/ Six Sigma champion/ GMP/ GHP/ HACCP etc...
you are always welcome if you wish to share something and you are always welcome if you wish to ask something...
if you want someone to engage in idle chat/ pointless discussions,
kindly excuse me...
From India, Delhi
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