You sign a bond when the co is providing you with a specialised industry specific training.
So in such case the Co sufers huge loss if the candidates leaves the co is between.
Just check with this Co. They will have to prove this condition if ever they come in loop. BUT THAT WOULD ONLY HAPPEN IF EVER IT HAPPENS.
1) Do you really want to get in I gate, in that case you have to sign the bond as it is a company norm. Read the docment word to word to understand any hidden menaing. Take some lawyers help.
2) In any untoward situation keep yourself equiped with the money. In any case you mentioned that you will stick around so be optimistic.
N of course you always learn lot many thgs from any organisation. I also signed 18 months bond in my previous org. But tht company really helped me in grooming myself to a large extent.
Just also make sure tht during this bond period u are entitled to get all the benefits(PF, EPF, Medical allowance, tranport, promotion, appraisals, etc) like tht of other employees.
There is no issue in signing a bond for continous service for a year. But compensating 1.20 lacs for what? Only for the reason of leaving the company within 1 year?
Think, understand everything & get all the terms cleared from HR person and then go for it.
i am a law graduate and working in a media co. as sr. manager legal and compliance....
i don't find any reason for not to sign a bond...
but it should be pro-rata basis...
it means in your case the value of bond should reduce every month by 10,000rs.
so, suppose if you work for 8 months then in that case the the value of the bond will be of rs. 40,000....
usually companies don't prefer bonded labor but if they are asking you for that means it is their regular practice....
and looking in current market scenario, there is no issue to sign a bond....
but ultimately its your decision whether to go ahead with it or not....
try to negotiate for period rather on amt. of bond....
and let me tell you one more thing, there are ways to jump/break bond...
Secondly, I know this for a fact that a bond has no legal compliance: it is just a gimmick that a Comapny uses to put psychological pressure on the employee to avoid attrition. Many people in my previous Organizations have signed bonds worth over 2 lakhs and have quit before the stipulated period and the Companies did not do a thing....for one very simple reason: In India, there is no contract labour: the Company knows it and cannot hope to win a case against you.
So go ahead and sign that bond my fren.