Thread Started by #Yogesh4757

Hey I have just completed 3 years working in a steel industry. In my agreement there was a clause that I will be paid a certain amount after completion of 3 years of service without mentioning the period within which payment is to be made. Are there any regulatory norms which bind them to make the payment in a fixed interval of time????
31st July 2017 From India, Pune
At the outset we can say there is no labour law that governs time period for payment of such allowance. At the same time the payment cannot be inordinately delayed. Please keep on writing reminders. If you receive no response, go to the highest officer of the org & narrate the circumstances in writing. If this too fails, then I am afraid that you will have to seek legal remedy.
1st August 2017 From India, Mumbai
Thank you Srikant, are there any laws currently in effect for such matters??
1st August 2017 From India, Pune
First line of my reply throws light on your query.
2nd August 2017 From India, Mumbai
Dear Mr.yogesh,
Hope you are continuing in the same industry. If so they will be paying this type of special amounts with in a span of a month's time, you can as well find out from your colleagues.
In case you left the organization then they need to clear it along with your full and final settlement. In either case you have every right to get that amount as it is part of your benefits and clearly mentioned in your appointment. If you can give more details like the salary range of yours', designation, your employment status & any specific clause like linked to your performance etc., we can provide you more details.
Thanks
Kameswarao
7th August 2017 From India, Hyderabad
Thanks Kameshwar
Current CTC is 3.3 LPA with designation engineer. Currently working in same company. The clause regarding the amount was- "A retention amount of 75K will be paid upon successful completion of period of 3 years."
7th August 2017 From India, Pune
Mr.Yogesh,
Good to note that you are continuing with the same organization hence I opine that it may not be an issue. In case the time is lapsed than a month then better to forward an internal communication ( a gentle reminder) saying that you have completed your 3 yrs of service hence request to release the your eligible retention amount at the earliest and oblige. First you remind it to your HOD and forward the communication with a CC to your HOD.
I also opine that there may be a practice where your colleagues who have completed 3 years might have got the amount, inquire & proceed. Even writing a communication may not be wrong but check the practice of the management and do the needful.
Regards
Kameswarao
7th August 2017 From India, Hyderabad
Actually our current batch is the first time they have started this retention system so we will be the first getting paid, is there any way we can force them to make payment in a time limit..??
7th August 2017 From India, Pune
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