Hi all, I have worked in a company for 1 year now. As I was a fresher, I received 6-month training from the company. What the company does is asks one of their mid-level employees to give training to us, they do not get extra payment for that.
On the day of joining they signed a bond where it was written that if I leave the company before 2 years, I have to pay 2.5 lakhs, but they can terminate me immediately if they want and that also without any kind of compensation or prior notice.
Now I saw somewhere that one-sided bonds are illegal in India. So I wanted to know if I quit the job now, do I have to pay the 2.5 lakh or just the amount of money the company has spent during the training period?
From India, Kolkata
On the day of joining they signed a bond where it was written that if I leave the company before 2 years, I have to pay 2.5 lakhs, but they can terminate me immediately if they want and that also without any kind of compensation or prior notice.
Now I saw somewhere that one-sided bonds are illegal in India. So I wanted to know if I quit the job now, do I have to pay the 2.5 lakh or just the amount of money the company has spent during the training period?
From India, Kolkata
The time to have thought about this is when you were presented with the contract.
If you knew at the time that the bond was beyond your ability to repay if you didn't like the company further down the track, why did you sign it?
We have had an epidemic of people posting on CiteHR about signing bonds and regretting the decision. Sadly people keep doing it and then think that we can solve the problem for them. If you are not happy, you will need to try and negotiate some sort of settlement with the company. If they won't play ball, you either pay the bond or stay working for them.
From Australia, Melbourne
658If you knew at the time that the bond was beyond your ability to repay if you didn't like the company further down the track, why did you sign it?
We have had an epidemic of people posting on CiteHR about signing bonds and regretting the decision. Sadly people keep doing it and then think that we can solve the problem for them. If you are not happy, you will need to try and negotiate some sort of settlement with the company. If they won't play ball, you either pay the bond or stay working for them.
From Australia, Melbourne
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.
Agr. for training, apprentice with bond.doc
Training Employees Is a Tough Job.pdf