Dear All,
Please provide me information about following Types of Employment bond:-
1. Retention Deposit (Eg if salary is 10,000 p.m then company deduct 3000 p.m as a retention deposit)
2.Taking Cheque from Employee( E.G 25000 Cheque as a retention deposit)
3. Taking original Mark sheet
Please Explain with reference to following points:
a) Legal or Not.
b) Employee point of View.
c)Employer Point of View.
Note:- please provide supporting document with your personal views if possible .
Regards
Sneha Nair
From India, Vadodara
4Please provide me information about following Types of Employment bond:-
1. Retention Deposit (Eg if salary is 10,000 p.m then company deduct 3000 p.m as a retention deposit)
2.Taking Cheque from Employee( E.G 25000 Cheque as a retention deposit)
3. Taking original Mark sheet
Please Explain with reference to following points:
a) Legal or Not.
b) Employee point of View.
c)Employer Point of View.
Note:- please provide supporting document with your personal views if possible .
Regards
Sneha Nair
From India, Vadodara
All the 3 points have no legal sanity, these are formulated by the companies under the name of retention bonus but actually they use these harass employees at the time of leaving.
From India, Gurgaon
From India, Gurgaon
Yes there are not legal rules for these things, actually speaking its not allowed to take original marksheet from the employees. But recently this practise has increased in IT industry especially the newly setup IT company does this.
As we all know that IT industry has a very high attrition ratio to reduce that companies are using this as a tool. Money is something which employees would still think of leaving but not the original marksheets and certificate.
From India, Mumbai
As we all know that IT industry has a very high attrition ratio to reduce that companies are using this as a tool. Money is something which employees would still think of leaving but not the original marksheets and certificate.
From India, Mumbai
Dear All,
Thank you for the reply but i need more information on following:-
1.Retention Deposit (Eg if salary is 10,000 p.m then company deduct 3000 p.m as a retention deposit)
2.Taking Cheque from Employee( E.G 25000 Cheque as a retention deposit)
Can anyone have supporting documents.
Regards
Sneha Nair
From India, Vadodara
Thank you for the reply but i need more information on following:-
1.Retention Deposit (Eg if salary is 10,000 p.m then company deduct 3000 p.m as a retention deposit)
2.Taking Cheque from Employee( E.G 25000 Cheque as a retention deposit)
Can anyone have supporting documents.
Regards
Sneha Nair
From India, Vadodara
Sneha,
I'm aware about one company which takes retention deposit (which is deducting some part of employee's salary). It's not called retention bonus but is actually acts as a deterrent as employees were getting trained and leaving in between the projects. The owner was herself training the employees which also meant devoting her business hours to train + groom them. This part of salary which was deducted is paid as soon as the employee completes his / her probation period and that too smoothly. Employees are informed during interview phase only about this clause and is mentioned in their appointment letter too , rest decision is always in their hands. Like Aditi has mentioned about harassing employees - I've so far not heard about any such harassment or ill feelings amongst employees. The company which I'm referring is one of the leading architectural firm in my city and has a small team size.
From India, Vadodara
I'm aware about one company which takes retention deposit (which is deducting some part of employee's salary). It's not called retention bonus but is actually acts as a deterrent as employees were getting trained and leaving in between the projects. The owner was herself training the employees which also meant devoting her business hours to train + groom them. This part of salary which was deducted is paid as soon as the employee completes his / her probation period and that too smoothly. Employees are informed during interview phase only about this clause and is mentioned in their appointment letter too , rest decision is always in their hands. Like Aditi has mentioned about harassing employees - I've so far not heard about any such harassment or ill feelings amongst employees. The company which I'm referring is one of the leading architectural firm in my city and has a small team size.
From India, Vadodara
Sneha,
I agree with s_shalu .She is absolutely right.First thing is that there is no legality regarding your issues but during the time of appointment if it is clearly mentioned in your appointment letter about any kind of retention bonus then there is no issue as company shows transperancy about its terms & condition from day one.So ,some of the above with the views that this tool is only used to harras is totally wrong,as the companies are bound to pay every due at the time of full & finals.But submitting your original documents should be avoided.
Ved Parkash Bawa
A.M P&A
Neolite ZKW lightings Pvt. Ltd.
08860643227
From India, Delhi
I agree with s_shalu .She is absolutely right.First thing is that there is no legality regarding your issues but during the time of appointment if it is clearly mentioned in your appointment letter about any kind of retention bonus then there is no issue as company shows transperancy about its terms & condition from day one.So ,some of the above with the views that this tool is only used to harras is totally wrong,as the companies are bound to pay every due at the time of full & finals.But submitting your original documents should be avoided.
Ved Parkash Bawa
A.M P&A
Neolite ZKW lightings Pvt. Ltd.
08860643227
From India, Delhi
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