A reputed company is having the practice of renewal of bond once in four years for the Management category. In that bond they are not mentioning about the next 3 years status of individual who is signing the bond and the increment level, leave details etc.
That bond is purely one sided. Is it correct? Also if anyone resigns they will not let them go easily. After one month service they have to pay 2 months notice pay of basic salary for early relieving.
They are not settling the leave salary, performance incentive for the completed years. Also they used to employ the staff as trainee for first two years and then confirming them. Is this training period has to be considered for graduity.
S.PIRAMANAYAGAM
From India, Chennai
That bond is purely one sided. Is it correct? Also if anyone resigns they will not let them go easily. After one month service they have to pay 2 months notice pay of basic salary for early relieving.
They are not settling the leave salary, performance incentive for the completed years. Also they used to employ the staff as trainee for first two years and then confirming them. Is this training period has to be considered for graduity.
S.PIRAMANAYAGAM
From India, Chennai
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Indemnity Bond - Format.doc
Bond in employment.pdf