Hi,
My company send me for higher studies to one of the top institute of India as a sponsored student (but I had to clear every aptitude and interviews on my own). But for that I had to sign 5 years bond for 15 lakhs which is 20 % reducible per year. I have no option as it was recession period .I have signed on 100 Rs. stamp paper with signature of 2 guarantors.
My company told me that they will increase my salary to minimum 5 lakhs (My HR shown some papers ..thats it...I dont have any proof ).My current salary is 2.4 lakhs.
But now after completion of my studies,company is reluctant to increase my package ( they are not increasing it by 2 lakhs also). Company does't even change my job profile also. So I want to switch the company badly. Now my questions are -
1. Is it a one way bond or two way bond?
2. Can I break the bond without paying money ?
3. Can I take any legel action against the company (It is one of the reputed company in the world) ?
Thanks in advance.
From India, Mumbai
My company send me for higher studies to one of the top institute of India as a sponsored student (but I had to clear every aptitude and interviews on my own). But for that I had to sign 5 years bond for 15 lakhs which is 20 % reducible per year. I have no option as it was recession period .I have signed on 100 Rs. stamp paper with signature of 2 guarantors.
My company told me that they will increase my salary to minimum 5 lakhs (My HR shown some papers ..thats it...I dont have any proof ).My current salary is 2.4 lakhs.
But now after completion of my studies,company is reluctant to increase my package ( they are not increasing it by 2 lakhs also). Company does't even change my job profile also. So I want to switch the company badly. Now my questions are -
1. Is it a one way bond or two way bond?
2. Can I break the bond without paying money ?
3. Can I take any legel action against the company (It is one of the reputed company in the world) ?
Thanks in advance.
From India, Mumbai
Firstly check your offer letter and go through all terms and conditions .And check the line of increment and appraisals .If they share the same .you can go legally and you can speak with your HR manager and come out smoothly.
From India, Hyderabad
From India, Hyderabad
Dear Bhagya, thanks for your concern. There is no proper statements regarding increments and appraisals.So what should i do now? And what about bond ? I shall be highly obliged if you do reply.
From India, Mumbai
From India, Mumbai
Mr.Atul,
As per your information it is two sided agreement. It is not bond it is service agreement, that means cost on the training and education. You have agreed to stay with the employer for five years as per the agreement. You cannot break the agreement without paying the damages as per the agreement. It is better to discuss with the management for non payment.
If you leave the company your guarantors will be liable for the damages.
From India, Hyderabad
As per your information it is two sided agreement. It is not bond it is service agreement, that means cost on the training and education. You have agreed to stay with the employer for five years as per the agreement. You cannot break the agreement without paying the damages as per the agreement. It is better to discuss with the management for non payment.
If you leave the company your guarantors will be liable for the damages.
From India, Hyderabad
Yah Raj is right, you must go thru your appointment/contract letter first and read the terms accordingly but i dont understand what actually you wanna say here in your line
<b>My HR shown some papers ..thats it...I dont have any proof ).My current salary is 2.4 lakhs.<b>
Second Mr. Atul, you need to share this with your Boss also. Im sure he/she will understand your situation. Moreover if your contracts says that you are liable to get salary more than 5 lakhs after completion of your studies and that will be offered by your Company, then you dont need to worry about anything.
One more thing, Could you please let us know about your total experience with this current industries and also on terms of your contract.
Also you can ask the Expert, Mr. Manoj for this by the like http://www.allexperts.com/central/howtoask.htm
Indian Law: non receipt of salary, appointment letter, hr division
From India, Gurgaon
664<b>My HR shown some papers ..thats it...I dont have any proof ).My current salary is 2.4 lakhs.<b>
Second Mr. Atul, you need to share this with your Boss also. Im sure he/she will understand your situation. Moreover if your contracts says that you are liable to get salary more than 5 lakhs after completion of your studies and that will be offered by your Company, then you dont need to worry about anything.
One more thing, Could you please let us know about your total experience with this current industries and also on terms of your contract.
Also you can ask the Expert, Mr. Manoj for this by the like http://www.allexperts.com/central/howtoask.htm
Indian Law: non receipt of salary, appointment letter, hr division
From India, Gurgaon
Mr. Anil and Mr. Reddy,
Thanks for your concern.
My total experience is 3 years excluding 2 yrs of my higher studies as a sponsored candidate. And regarding this -
<b>My HR shown some papers ..thats it...I dont have any proof ).My current salary is 2.4 lakhs.<b>
My HR shown some offer letters of other employees (who has same qualifications as me) at the time of agreement. And on that basis HR told me that your package will be increase after completion of my studies but it is not mentioned in my agreement.
And other thing I want share with you that company is ready to pay 6.5 lakhs per annum for fresher candidates from a same institute i passed out (having same qualification as me).
With Regards,
Atul
From India, Mumbai
Thanks for your concern.
My total experience is 3 years excluding 2 yrs of my higher studies as a sponsored candidate. And regarding this -
<b>My HR shown some papers ..thats it...I dont have any proof ).My current salary is 2.4 lakhs.<b>
My HR shown some offer letters of other employees (who has same qualifications as me) at the time of agreement. And on that basis HR told me that your package will be increase after completion of my studies but it is not mentioned in my agreement.
And other thing I want share with you that company is ready to pay 6.5 lakhs per annum for fresher candidates from a same institute i passed out (having same qualification as me).
With Regards,
Atul
From India, Mumbai
Im also agree with Mr. Reddy what he said above.
See Mr. Atul, I guess you are not getting the situation properly even not clear with yourself. How can you say that the letter/agreement you have offered was the same agreement on the same terms & conditions what has been offered to other peoples? Have you gone thru with your own copy of agreement? If no, you must check your copy first to understand what it says...It seems while signing, you haven't read your agreement properly. There is something wrong!!!
Second ,what I understand is that you are willing to change your job because of you are not offering a salary what new peoples are getting these days because of your agreement and you cannot break it too.
So I would suggest you to go thru the link for legal help in this regards
Best of Luck
From India, Gurgaon
See Mr. Atul, I guess you are not getting the situation properly even not clear with yourself. How can you say that the letter/agreement you have offered was the same agreement on the same terms & conditions what has been offered to other peoples? Have you gone thru with your own copy of agreement? If no, you must check your copy first to understand what it says...It seems while signing, you haven't read your agreement properly. There is something wrong!!!
Second ,what I understand is that you are willing to change your job because of you are not offering a salary what new peoples are getting these days because of your agreement and you cannot break it too.
So I would suggest you to go thru the link for legal help in this regards
Best of Luck
From India, Gurgaon
Community Support and Knowledge-base on business, career and organisational prospects and issues - Register and Log In to CiteHR and post your query, download formats and be part of a fostered community of professionals.
Career Press - There Are No Limits Breaking the Barriers in Personal High Performance 1564143406.jpg
Breaking habits.doc
Stone Breaking and Stone Crushing Operations 2021.PDF